(UPDATE) It is ugly in Europe, with Germany's DAX down 223 points (2.62%). US stock futures are ugly, too. Dow futures down 159. Ben's Fed has some work to do before the cash market opens.
The stock market in Japan is supposedly disliking the contracting Chinese economy and the US Fed comment about "tapering" down the QE4EVA, but I think it's about another botched day in the JGB (Japanese Government Bond) futures market which was halted (yet again) when the price dropped and yield spiked. 10-year JGB's yield hit 1%, almost triple the yield right before the Bank of Japan intervention in early April.
Nikkei is now minus 940...still 5 minutes to trade.
I wonder if Governor Inose now has second thoughts about advancing the Japan Standard Time. He wouldn't want to start the financial day for the entire world with disaster after disaster in Japanese financial markets, would he?
It is now minus 976, one minute to trade...
...and just ended the day with minus 1,143. That's an intraday swing of 1,459 from the high of 15,942, or over 9% swing.
Now their stock market is catching up with the bond market in terms of extreme volatility.