This chart, about Japan, I sourced from Fast FT. It speaks for itself. To me this is the key downside risk with Abenomics: that trying to stimulate growth and inflation without a rise in wages is fraught with risks. I have cited a couple of times in the last few weeks recent research that shows only a small minority of Japanese companies are increasing wages at the moment. This needs to change if fading consumer confidence is not going to threaten to pull down the Nikkei - ex maybe a further fall in the Yen, which itself heightens import prices and potentially further reducing consumer purchasing power.
Interesting growth/interest rates related chart for the Asia ex-Japan region. Implies a more challenging time than seen outside the 2008-9 period over the last ten years.
A long time since the last big correction in global equity markets? Yes...but not statistically very extreme...yet