The only consoling thing is that only the coastal areas are affected by this devastation. The main land is not affected by Tsunami. This seems, that Japan will soon recover from this calamity. The resilience and discipline shown by these people shown by this people is astonishing . We have seen utter chaos in the streets of many Asian or European Or American countries whenever a disaster struck. But the Japanese kept their cool and they have moved on.
It is learnt the Tsunami might cost a lot for the insurers. So, it is bad time for Japanese Insurance companies. Japan is an Automobile Major. It may affect the production of these companies. Japan may need lot of money to be put into their economy. So this will surely dampen the export import balance of that country. Already crude oil saw a mild sell off on the back of Japanese natural disaster fearing a lack of demand on crude.
Commodity prices may move on the back of fresh demand for reconstructing these regions. So metal prices may go up in the near future. The economic impact of this disaster most likely to affect Japan only. It is unlikely to impact other economies.