If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!
The price of bitcoin went below $8800 this time around and it did not turn ugly, expect the market to go down in the short period of time, as an investor i do not bother about these short term corrections, the main reason might be because of the sell off by Mt Gox team and they will keep on selling the coins but the price will recover. Japan is not having the entire volume and the price is not dependent on their volume alone.
I think he want to mention that Japan has dominates Asian market volume, but the market that has a big influence in the world of crypto trading is still in the USA, so I'm not sure japan run the whole BTC price.