Japanese produced goods will become less competitive on the global market place as the yen appreciates and that's going to slow the recovery process, not only in Japan, but Asia as a whole.
It does not seem as though this will be an Adlai Stevenson moment. I think a lot of his evidence may be open to wide interpretation. Unless there's a huge surprise, it doesn't seem that the evidence provided will turn global opinion against Saddam.
The nations in Asia, Russia and Latin America have pressure to raise cash, so they are dumping their commodities on the global marketplace and that's pushing prices lower.
At the same time, the demand for many commodities is weakening here as global growth begins to moderate.
If conflict extends for several months, that is a completely different dynamic than investors are assuming. One could not rule out global equity markets hitting new lows.