"This looks like the selloff that so many on the sidelines have been waiting for, " said Nicholas Smith, CLSA's Japan Strategist in Tokyo.

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"Monday's reaction to the Cyprus situation was not unexpected given stocks' stellar performance over the past several weeks, " said Nicholas Smith, Japan equity strategist at CLSA in Tokyo.

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The second is related: Japanese corporate profits have, at least until 2007, historically risen when the yen was stronger, according to Nicholas Smith of CLSA, in large part because those periods of relative yen strength coincided with periods of strong global growth.

WSJ: Business Asia: Unearned Praise for Abenomics

This particular line-up included the legendary Bobby Hutcherson on vibraphone, Miguel Zenon playing alto, Nicholas Payton on trumpet, Isaac Smith on trombone, Rene Rosnes on piano, Matt Penman on bass, and Eric Harland on drums.

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