If you follow international markets at all, you're well aware that many markets fell 2% or more while we were all sound asleep. Tokyo's Nikkei, for which you can use the iSharesMSCI Japan Index (NYSE:EWJ) as a proxy, fell 3.07% yesterday.

Ah, but that's just the beginning. The frothier Indian market was off by 3.5%, Singapore was off by 1.7%, Hong Kong was off by 1.8%, and Korea was off by 2.7%. In Europe, markets were off 2% to 5% as well. The reasons being given for the declines are higher interest rates, rising inflation, and the recent declines in the U.S. If you're inclined to believe all those reasons are true, then we're seeing everything come full circle today, since U.S. markets are declining again as well.

A quick check of 10 internationally based companies and funds shows how bad some of the bloodletting has been in the last 24 hours, and how geographically diverse.

Company

% Decline

PetroChina (NYSE:PTR)

(5.1%)

Matsushita Electric Industrial

(5.7%)

Honda Motor Co (NYSE:HMC)

(4.5%)

Korea Fund (NYSE:KF)

(5.6%)

Braskem

(4.8%)

Toyota Motor Corp (NYSE:TM)

(4.5%)

LG Philips LCD (NYSE:LPL)

(6.2%)

Mexican Economic Development

(2.7%)

Ducati Motor Holdings

(9.6%)

Posco (NYSE:PKX)

(5.1%)
Source: Yahoo! Finance

The upside to this mess is that a number of companies I've been keeping an eye on for some time are now once again attractively priced or near attractively priced. Some of those companies are on the list above, and others are well known international names that are only available on the pink sheets.

Considering that about 85% of the companies I look at during a given month aren't attractively valued enough to get my attention, I find the recent volatility a positive and not the negative many may perceive it to be. Most importantly, the recent market volatility and hand-wringing highlights what being a value investor is about: being ready to buy when everyone else is selling.

You still need to be selective about what you're buying, but with the prices on some international companies 20% or more off their highs, now is the time to be digging in and considering an international name or two for your portfolio.

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At the time of publication, Nathan Parmelee had no financial interest in any of the companies mentioned. The Motley Fool has an ironclad disclosure policy.