It seems the spiking yield on Japan 10-40 year bonds is causing some mild panic. The speculation is that carry trade, which is to borrow yen at low interest rate to buy other equities, will soon unwind, leading to a sell-off of US equity and appreciating Yen, which causes further sell-off and appreciating yen.
This is commingled with sky high Japan national debt level. A very interesting thing to watch. I decide to stay away from EWJ for a while, but maybe add some SPY puts.
To cause panic, all it needs is for Trump to announce 25% tariff on Japan. He needs a panic and may do it this week.