The Japanese Market Got Creamed Today

World markets are all drifting lower, but things really got started off on a negative footing with Japan.

The Japanese market has been one of the hottest stock markets in the world, thanks to talk and plans of aggressive financial easing.

But the swift downward move in the Japanese yen has evidently spooked some domestic policy makers, to the point where they've suggested that it might be a bit overdone.

This talk caused the yen to rally sharply against the dollar, and so the Nikkei (the stock index that has been benefiting from the weak currency) got clubbed.

It fell 2.5% last night.