Stocks: Why Japan is More Worrisome than China

Global investors may be far too worried about the market risks from Chinese stocksbut unwinding the "yen carry trade" could prove bumpy

A lot of wealth has vaporized in recent trading sessions, as investors have been swept up in a wave of selling in global equity markets that started in China on Feb. 27. Sell-offs have moved across most of Asia, Europe, and the U.S, and some $1.5 trillion in market capitalization has been wiped out along the way.

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