Nikkei marks lowest close in at least 24 years

Japanese shares gave up early gains to end lower Monday, with the benchmark Nikkei 225 Average marking its lowest closing level in at least 24 years as investors sold down financials and pharmaceutical shares amid a weak economic outlook.

The Nikkei ended 1.2% lower at 7,086.03, the lowest finish in a data series dating back to 1985, according to FactSet. At its latest close, the Nikkei is less than a fifth of its all-time high of 38,915.87, which it touched nearly two decades ago. The broader Topix index slipped 1.5% to 710.53.

MarketWatch.

Like I said, all that froth about the US markets hitting a 12-year low was just filling space.

Look at what the bankers are saying: we are going through a process of de-leveraging. If companies were de-leveraging profits that wouldn't be so bad, but they are winding down losses - leveraged losses - which means many more companies are still hiding the fact that they are bankrupt.