The Japanese markets dominate the 'Losers' board. The benchmark Nikkei 225 shed 2.1% today, and was the only index to renew the decline from the medium-term top during the session. The fall through last month's low at 17714.3 triggered the opening of a short trade (see hotline for 1 September). The initial target is the January low near 16600, with the possibility of the October 2014 floor at 14529 after that. The stop is placed at 20000 for now.