Recent changes in Deutsche Telekom's management were also seen by UBS as a possible prelude to the earnings revision.

FORBES: Magazine Article

The one-month earnings revision ratio for the MSCI Japan index, which compares increases to consensus earnings forecasts against reductions, was most recently recording more than two upgrades for every downgrade.

WSJ: Asia's Export Face-Off

That would cause a big revision in the optimistic earnings forecasts.

FORBES: The Illusive Rally Top

That might not sound like much of a change, but it was the sharpest downward revision for the month of October since IBES began collecting earnings estimates 20 years ago.

FORBES: Statistical Spotlight: Earnings gains expected