Seems like yesterday we were all worrying about nuclear fallout in Tokyo, and global markets were plummeting like the end of the risk on rally from the March 2009 lows was finally over. But as more and more markets keep making fresh 2011 highs, the Fukushima disaster seems further and further in the mirror… at least on a market performance level.

Some of the moves since the “Japan lows” mid-March are somewhere between incredible and unbelievable on the bubble level. You can see for yourself which markets shrugged off Japan and which continue to struggle below. The question is, was the Japan low a precursor of things to come, or just a hiccup to be ignored?