JAPAN DOWN NEARLY 10%

^N225 Nikkei 225 9,203.32 3:00AM ET Down 952.58 (9.38%)

Worst drop since '87 for Japan

Yeah that looks pretty ugly. Today should be very interesting.

The 50bps drop in the federal funds rate should help . . . the fundamentals have to be kicking in soon - but investor confidence in the markets and what will happen next seems pretty shot up . . .