There are quite a number of worrying charts for risk at the moment


And the Nikkei's latest drop adds to that, with the index slipping to its weakest levels since late December. While equities in Europe and US have been holding up for most of the year, Japanese stocks have struggled since the BOJ revamped its ETF guidance.

The central bank's move while does not explicitly removes support for equities, they surely have not shown the same kind of conviction to support the stock market as they did amid the pandemic last year - so that does say something.

Elsewhere in Asia, it's another meltdown for Chinese equities with the Hang Seng down by 2.5% and Shanghai Composite also down by 2.0% on the day.