Before the markets opened, the Bank of Japan (the Japanese equivalent of the Federal Reserve) announced it would “flood” the markets with yen to stop any liquidity crisis.
The probable meltdown of at least 2 nuclear plants, and destruction of some of its auto businesses, electronic component manufactures important in making other products and long term power problems is going to seriously damage the economy of Japan for a long time. (you might want to buy your iPad2 now and not wait)
We’ll see if flooding the world with yen works any better than flooding a nuclear reactor pressure vessel with sea water.
