Japan's TOPIX Index which is cap weighted closes at a 25 year low today.
Nikkei 225 which is price weighted is still a tad above November lows.

Besides the fact that the country is in a Depression the number and size of capital raisings is starting to become a theme that is sending equities lower.

Nomura Securities started the ball rolling, then T&D Insurance and now Toshiba today. Other likely candidates include Nissan, Mazda, Pioneer, Taisei, Haseko, Tokyo Tatemono and Toku Land to name a few.

This is developing into a theme and I think the theme will go global with a WALL OF DILUTION FACING EQUITY MARKETS.