Investors called on the Bank of Japan, which three weeks ago reduced a peripheral interest rate, to cut the main rate, raised from 0% to 0.5% in August on hopes of a recovery in the country's economy.

BBC: Japan stocks hit 15-year low

Now, in the doldrums, those peripheral countries need negative interest rates (not possible as such, but there are monetary means of getting to a similar result).

FORBES: The Inevitable Failure of the Euro

Nor will devolution remain of interest only to the peripheral nations.

ECONOMIST: Britain