Taiwan's central bank on Sunday cut its key interest rate for the fourth time in less than eight weeks after the island posted its biggest decline in exports in nearly four years. The move in Taiwan came two days after South Korea reduced its main interest rate. Both cut rates by a quarter of a percentage point.
The interest-rate reduction that the Bank of Korea announced on Friday was its third in four weeks, as Seoul tries to fight off an abrupt slowing of the country's economy.
Note the speed at which these central banks are cutting rates -- 4 time in 8 weeks and 3 in 4 weeks.
These are panic cuts, plain and simple. Something has changed in a big way.