Japan's TOPIX Closes at Lowest Since 1983

The TOPIX stands for Tokyo stock Price IndeX and is along with the Nikkei 225, an important stock market index for the Tokyo Stock Exchange (TSE) in Japan, tracking all domestic companies of the exchange's First Section.

Today, the TOPIX closed at a 29 year low!

(Bloomberg) June 4th 2012 — Japan’s Topix Index (TPX) plunged to the lowest level since 1983 and entered a bear market, after disappointing U.S. jobs and China services data added to evidence the global economy is slowing.
[...] The Topix slid 1.9 percent to 695.51 at the 3 p.m. close of trading in Tokyo, the lowest since Dec. 13, 1983, dropping below levels last seen since the global financial crisis following the 2008 collapse of Lehman Brothers Holdings Inc. [...]
“This is a panic selloff,” said Koichi Kurose, chief economist at Resona Bank Ltd., Japan’s fifth-largest lender by market value. “Action from policy makers is the only thing that will calm the market. The market is pricing in a deterioration in the U.S. economy through summer.”

Take aways:

1. Too many people talk about panic for the panic to be real. There's no panic yet, as the VIX shows. These are orderly, slow, market declines. This also tends me to believe that we haven't reached the bottom yet, and that any bounce will happen only later. 
2. Flashback in March 2011: Marc Faber has already mentioned he is very bullish on Japanese and so has Mish, with whom I have respectfully been in disagreement.
3. Flashback in Jan 2011: I would agree on everything [with Mish], but Japan [which he likes].