Japan's Nikkei just dropped another 3% today — second straight day of heavy selling. Over ¥35 trillion ($225 billion) in market cap gone in two sessions.

That's real money evaporating fast. When a major index bleeds for multiple days like this, it's usually not just profit-taking. Could be yen strength hurting exporters, global risk-off sentiment, or funds rotating out of Japanese equities entirely.

Watch how this ripples through Asia and U.S. futures. Japanese stocks often signal broader risk appetite shifts, especially when the moves are this sharp and sustained.