Japan heading into bear market territory. Futures point to a 6%+ drop at the open. Nikkei getting hammered—this isn't just a dip, it's a structural break. Watch how this bleeds into Asia risk sentiment and whether it forces BoJ's hand on policy. If Japanese equities crater while the yen strengthens, that's a double whammy for exporters and a signal that global risk-off is accelerating. U.S. traders: keep an eye on how this impacts tech and semis with Asia exposure.