After hitting new three-decade-highs day after day, Japan's incredible equity market rally finally comes to an end. Notably, Japan's market direction, both to the upside as well as down, has been driving the broader global equity markets directionally in tandem - putting in the top tick on index futures down to the minute.

Weston Nakamura dives into futures markets daily trading data from Japan Exchange and analyzes exactly who was buying, and who was selling, by participant - and finds that despite the downturn in the Nikkei 225 and TOPIX indices, foreigners remain net buyers of Japan equities. Therefore, it seems that there may still be upside in Japan, and therefore in global equities on the other side of this pullback.

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Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.