Hugh Henry provides another piece of the puzzle in his latest newsletter
Eclectica Fund, April 2012 - unfortunately I can't embed it directly in the page, so you will have to click through. I would consider this a must read for China, & as a derivative of the Chinese economy, Australia watchers.
Ironically, he uses large cap Japanese stocks as his trading vehicle. He is extremely pessimistic on both China & Japan. Japan Airlines gets a specific mention.
There a quite a few very entertaining youtube video's around of Hugh, well worth seeking out.