Overnight, Japanese Prime Minister Shinzo Abe introduced the "third arrow" of Abenomics: the structural reforms crucial to the stimulus program's ultimate success.
Stocks did not respond well. The Japanese Nikkei fell a whopping 3.8% on Wednesday.
After rallying a bit after the close, Nikkei futures are heading lower again in after-hours trading and are close to their lows following the May 22 closing high of 15,670.
Right now, futures are trading at 13,000, down 17% from the peak and only three more percentage points away from officially entering a bear market.
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