One economist says that the Nikkei is heavily influenced by manufacturers and exporters. Already, Toyota is feeling the pinch from a weakened global economy and stronger yen. Financial firms are straining, too.
The CurrencyShares Japanese Yen (FXY) is up 17.3% year-to-date, and up 11.7% in the last month.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.