Obviously the situation in Japan is scary as hell, and the Nikkei has responded accordingly.
But if you don’t think we’re looking at Chernobyl 2.0, here’s a chart for you to chew on from Citigroup.
Japan’s forward PE, relative to global PE, has never been cheaper. In fact, for the first time ever, it’s actually at a discount. The upside is huge (though so is the downside).