The selling continues this Thursday morning. The Nikkei 225 is barely holding 16,000, last at 16,047.46, having hit an intra-day low of 16,026.87. Nikkei 225 futures trading in Osaka are down 360 points to 16,040. The broader TOPIX is getting hammered, down 3.2% to 1,542.70! JASDAQ continues its downward slide, -1.9% to 72.10.

All 33 sectors of the TOPIX are down so far today. Nobody wants to buy stocks, there’s no relief in sight. Anyone want to call a bottom?

I’m not sure the argument that an unwinding of the yen carry trade means the yen will end up invested in domestic stocks. This could play out later in the year, but there’s too much perceived risk associated with equities despite meager domestic savings and bond yields.