Bloomberg View columnist
Author of 'Japanization.' Bloomberg View columnist, pop culture junkie, wine lover not a fighter, believer in virtues of wanderlust.
In 2008, Asian economies had good reason to race to decouple from the struggling West. The collapse of Lehman Brothers and subsequent contagion sent export-dependent countries in search of a more reliable customer. Not surprisingly, they latched onto China.
Among the clearest casualties of China's devaluation is the Bank of Japan. The chances were never high that governor Haruhiko Kuroda was going to be able to unwind his institution's aggressive monetary experiment anytime soon. But the odds are now lower than even sceptics would have previously believed.
The international ratings agency Fitch was downplaying concerns last week that Chinese stocks are a systemic risk to global markets. Many investors, however, are far less sanguine.