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After devastating double disasters (8.8 Earthquake and Tsunami) the Japanese stock market crashed today as investors absorb the impact to an already weak Japanese economy.
The Nikkei 225 index crashed over 6% as more and more reports came in about the massive damage to the infrastructure. Industrial, manufacturing financial stocks were hammered with investors worried about the amount of recovery time needed. Production has nearly halted with concerns of continued blackouts and aftershocks.
Japan’s central bank pledged 15 trillion yen ($184 billion) to pump the economy and support the reconstruction of the country.
It’s likely the Japanese market will remain bearish this week as investors reassess their holdings. Their will be a lot of bargains, so if you have cash on hand you will be able to pick up some good companies at discounted prices.