Japan is in serious trouble with radiation being measured in Tokyo. The Nikkei (Japan's benchmark stock index) is down 16% in futures trading. Dow futures crashing as well. I'm no nuclear engineer but as they say "follow the money." When the Japanese market is in full collapse mode, that is more than enough evidence to show that something is seriously wrong. Again, follow zerohedge.com or zerohedge on twitter for quick updates.
All hell is currently breaking loose following an explosion at reactor #2 and a another hydrogen explosion at reactor #4 per Kyodo, leading to a 16% drop in Nikkei futures as blind panic grips Japan. Kyodo essentially confirms there was a reactor meltdown as radiation levels at Fukushima 3 are now 400 times legal levels.
No one knows how this situation will unfold but fear alone can cripple Japan as Tokyo is only 110 miles away from the burning reactors. In addition, Japan holds $800 billion worth of US Treasury bonds so if/when they need the money they will be forced to sell the treasuries sending US interest rates higher. Bottom line is that if the situation does not get under control then we can have some serious problems in the global financial markets.
Observe the Nikkei's freefall:
(UPDATE) March 21, 2011: now look at that nice bounce back. I was actually thinking of BTFD (buying the fucking dip) at the lows. Oh well, coulda woulda shoulda lol.
My prayers go out to the Japanese people.