Whoa

Double whoa.

Japan's benchmark Nikkei stock index plunged more than 3 percent early Monday as traders sold exporter issues on a weaker dollar, which plunged to a 12 1/2-year low. The Nikkei fell below the psychologically important 12,000 level for the first time since August 2005.

The Nikkei 225 stock index fell 407.81 points, or 3.33 percent, to 11,833.79 on the Tokyo Stock Exchange about half an hour after the market opened Monday. The index lost 1.54 percent Friday after losing 3.33 percent Thursday.

Players snubbed reports that JPMorgan will buy ailing Bear Stearns and that the U.S. Fed approved a discount rate cut, which was announced shortly before the market opened in Tokyo.

In other words, the overseas markets aren't buying the artificial prop-up-the-economy crap from our country anymore. By the way, uh, this happened.

Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system.

The price represents a startling 93 percent discount to Bear Stearns’ closing stock price on Friday on the New York Stock Exchange.

Bankers and policy makers raced to complete the deal before financial markets in Asia opened on Monday, as fears grew that the financial panic could spread if Bear Stearns failed to find a buyer.

Worked like a charm, obviously.