Japans Crash Is Our Canary in the Coal Mine

OpinionBanknotes of Japanese yen are seen in this illustration picture taken on June 15, 2022. Florence Lo/Illustration/ReutersPeter St Onge&E.J. Antoni1/26/2026|Updated: 1/26/2026CommentaryOn Tuesday, Jan. 20, the Dow Jones Industrial Average stock index crashed 870 points, the biggest drop since October.Peter St Onge is an economic research fellow in the Roe Institute for Economic Policy Studies at The Heritage Foundation. He holds a doctorate in economics from George Mason University and is a former professor at Taiwan’s Feng Chia University. He blogs at Substack.com/@profstonge.Author’s Selected ArticlesTrump Provides Solution to Housing CrisisJan 15, 2026Trump’s Bank DeregulationJan 12, 2025Regulators Kill JobsJan 04, 2025China Enters the Economic Doom-LoopOct 09, 2024