While there are folks that may disagree, i've always looked at the $EWY as an early indicator of possible downside pressure, globally. If you look at this chart, the EWY has been step laddering against the SPX, diverging much more so at the beginning of 2019. While the SPX was making new highs and posed to break out to new levels, the EWY steadily continued its downward move. We are tied globally much more than any other time in history. What affects one market shouldn't be shrugged off as not having an effect on another, especially a country like Korea. As an expat who lives and works in Korea, you can see the economic pressure and slowing down on the ground. Having this spat with Japan in the recent weeks (a spat that goes back to the early 1900's on a much more personal level than economic) is going to accelerate the downturn even further.