Nikkei 225 down more than 4% at the open

Following the severe losses in Asian stocks yesterday, which happened to coincide with a Japanese public holiday, today's Nikkei 225 open paints a very ugly picture.

The benchmark Japanese index fell by over 4.5% before a strong rebound currently underway, taking the net change for the day to -3.25%. The market's key focus remains on whether or not there will be direct intervention on the USD/JPY by the Bank of Japan, following the ferocious appreciation by the Japanese Yen in recent days.