Yes and no. What I see is all of Japans equities moving in lock step regardless of where their manufacturing or distribution centers are actually geographically located. Much like Toyota or one of our own blue chips some of these companies are headquartered in Japan but exist all over the world. Those are the companies whose fundamentals do not reflect an equities plunge like we are seeing.

They are inefficient - that's the entire basis of George Soros' investment strategy.

efficient > slightly inefficient > inefficient > pretty inefficient

My comment was not meant to start a conversation about the meaning of efficient markets, but to get wheaties to explain his reasoning.