Only a couple of days after we reposted a chart from Stocktwits comparing the Nikkei rally to the Dow’s climb over the last year, and suddenly things have turned very sour for the Japanese market:

Chart courtesy Finviz.com. Disclaimer: past performance is not necessarily indicative of future results.

Meanwhile, the Dow’s drop in the early hours this morning proved to be little more than a head fake, as the market came all the way back only a few hours later:

Chart courtesy Finviz.com. Disclaimer: past performance is not necessarily indicative of future results.

And don’t let the scale of those two charts fool you – the drop from yesterday’s high in the Dow to today’s low was less than a 2% drop, while the Nikkei decline from yesterday’s highs to today was more than 8%.

It’s just one day’s hiccup in a long, huge climb for both markets, but it looks like at least one piece of evidence that the Japanese surge may be starting to get a little frothy.