The sustained and incredibly resilient Japan equity rally crashed today - despite broader indices left relatively unscathed (although S&P E-Mini futures also followed Japan indices sharply downward during Asia hours). Why did this occur, and what does it mean for the world's favorite and best performing market, as well as broader markets globally? Weston Nakamura breaks down the three sell-catalysts from the day: Chinese exports data that came in weaker than expectations, the -7% plunge in the Turkish lira, and officials in parliament discussing the unwinding of Bank of Japan's 37 trillion yen worth of equity ETF holdings - the latter two being the actual market moving catalysts. Weston talks about the immediate market risk that the lira may pose if it begins a runaway momentum sell-off that forces Japan retail to liquidate other assets, and also discusses the implications of Bank of Japan selling its equity index ETF holdings. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.