The discount rate cut was clearly timed to head off a third day of ’round-the-globe selling. Asian markets crashed overnight at a rate even more astounding than Wednesday.
Japan’s Nikkei index shed a whopping 5.5%. Blue chip Japanese exporters have taken a beating as the yen continues to rise against the dollar… and Japan’s market has reacted. Shares of Toyota and Sony -- perhaps Japan’s most “stable” exporters -- fell 7% overnight.