Indian shares have yet to show strength since Wednesday's 9% plunge. The BSE Sensex lost 438.41 points, or 2.4%, to 17,559.38, pulled down by financial stocks there like Icici Bank ( IBN), down 1.4% to 1024.05 rupees, and HDFC Bank ( HDB), which lost 1.6% to 1357.25 rupees. The consensus was that while earnings this week in India have been strong, equity valuations are still overpriced. Only technology companies like Infosys ( INFY) and Wipro ( WIT) staged a comeback, both ending the day up 1% and 0.8%, at 1908 rupees and 500.55 rupees, respectively. In Japan, the carry trade staged its biggest unwinding of the week so far, depressing exporters like Sony ( SNE), Canon ( CAJ) and Mitsubishi, as the yen was trading up, to 114.94 vs. the dollar in Asia trading. However, a neutral improvement in industrial output left many with the feeling the Bank of Japan would put rate hikes on hold until early next year. The Nikkei lost 291.72 points, or 1.7%, to 16,814.37 while in Tokyo the Topix slipped 26.47, or 1.6%, to 1591.28. The Korean Kospi fared similarly, down 34.99, or 1.8%, to 1,970 in the regional slump. In financials, Shinhan ( SHG) plunged 2.9%, to 1,700 won, while Kookmin ( KB) slid 1.4%, to 73,000 won. Exporters fared less worse, with automobile maker Hyundai off 0.5% to 65,000 won. In other news, the Bank of Korea raised warning signals today that Asia's central banks, in particular China, may begin to sell Treasuries in a widespread collapse, when governor Lee Seong-tae confessed that the bank has been doing just that to stabilize its own economy in recent years.