Japan is obviously in panic at this stage, as Nikkei extends decline to close at 7162.90 -6.36% from the previous close, as I am writing this. The Nikkei fell to new lows since 1989, at 38900ish, and still making new lows today. Do you think we could still see it happen in the next decade? Although Japanese banks have been relatively unharmed by the credit crisis, but a dip in the equity prices of Japan has caused a relative damage to their balance sheets. Over the weekend, China, Japan and Korea agreed to act together any day if and when it is needed, where Japan has a free hand on Yen with the support of China. Hong Kong on the other hand, as I am writing, is down by 12.16% at 11,083.63 -1534.75. I believe the double whammy may have been accompanied with Li Ka Shing's comment last week, in a declaration that Hutchison Whampoa will not move forward with further acquisition until June 2009, as he has always been a good indicator to many people in Asia. Let's look at a series ...