It is not Tokyo or the decline in China's production to have triggered the reversal;
it was the FED who made clear that his ultra expansionary policy will not last forever.
Market makers and istitutional traders can not yet know when the U.S. central bank will end its QE, some think in September, others in December, but when the market will perceive that the drug is ending, his reaction will be disruptive.
This rise is mainly financial / speculative, it is not connected to the real economy; when liquidity will stop, the BEAR knocks on the door, as always inexorable.
DJIA: correction of wave 2 minute or Alt:4 minor; still in uptrend.
NASDAQ: correction of wave [ii] of minuette degree?
GERMAN DAX : pullback of wave w o Alt:1 of minor degree.
LONDON FTSE100 : preferred scenario; wave 2 minor in progress.
ZURICH SMI : difficult counting; top of wave 3 minute or Alt:5 of Alt(3) ?
TOKIO NIKKEI - a little crash; if the index restart immediately, this is wave [iv] of 5 minute of 3 minor; otherwise , the top has been Alt:3 minor.