Hang seng is down almost 20% from its high; Nikkei down almost 25% .... but I havn't heard many/any people saying the Japanese market is heading into a bear market.......
Japs were supposed to raise rates. Haven't heard that chatter in awhile. Haven't seen her under 14k in a long time. A good old Asian Contagion would help the bear cause out and wouldn't hurt.
My wife is living in Japan at the moment (Looking after her sick mother). She says the peoples morale has never been worse. At present there are more suicides than ever. IMHO the place is fucked
Also, I haven't seen any news reports about Asia complaining of high oil prices, ever. I believe Japan gets there oil from Alaska.