One more bad day separates Chinese equity market from losing its status that it holds for almost four years, Bloomberg reports.

Taking into account $406 billion losses that Chinese market showed on Tuesday, total loss that stocks in China experienced since high levels in January is almost $1,6 trillion. One more such fall and Chinese equities will value less then stocks of Japan that usually benefits from its currency, which is considered a safe haven investments in times of market stresses.

China became second largest equity market in the world after it bypassed its Asian neighbor at the end of 2014. Shares actually grew on Wednesday after Chinese government gave its answer to US import tariffs.

The biggest equity market in the world is in the US. Its value of $31 billion more than twice exceeds value of Chinese and Japanese stocks together.