Out of the gate, Asian stocks down

Asian & Australian stocks are down about 2% each. First to open are New Zealand & Australia followed by Japan & Korea, all were hit by selling. Then Shanghai opened, down over 1%. Their banks are getting hit hard even though they shouldn't be badly affected by our sub prime problems. US export trade is also a big issue. For example, the yen is "up to" 106.7 to the dollar, highest value in recent years. They are getting ready for more earnings reports from financials in the next few days.