Investors were fleeing from risk this morning, as indices were down more than 2 percent in Tokyo (Nikkei 225 -2.51 percent) Hong Kong (Hang Seng: -2.11 percent) and Mumbai (Sensex 30 -2.02 percent).

The Bank of Japan’s most recent “tankan” survey of consumer sentiment found that Japanese business confidence has reached its highest point in six years.

The Dow Jones Industrial Average closed above 16,000 for the first time and the Standard & Poor’s 500 Index recovered from its first three-day slump since September in today’s trading.