How could this impact Japan's gross domestic product?
A: It will hurt in the short run but could help later in the year.
"Our view is that Japanese growth, instead of being 1.4 percent in the first quarter, will be zero. In the second quarter, instead of 1.5 percent, it will minus 0.4," says Nariman Behravesh, chief economist with IHS Global Insight.
A magnitude 9.0 earthquake struck off the northeastern coast of Japan on Friday, shaking office buildings in Tokyo and setting off a devastating tsunami that swept away cars and boats. The quake — the world’s fifth-largest since 1900, according to the U.S. Geological Survey — struck at 2.46 p.m. local time.
There were reports of injuries in Tokyo as officials tried to assess damage, injuries and deaths from the quake and tsunami, but there were no immediate details. Japanese television showed aerial footage of an ominous 13-foot muddy wave washing across land along the coast near the epicenter.
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