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The biggest earthquake to hit Japan in 140 years, measured 8.9 on the Richter scale according to the U.S. Geological Service.
PIMCO CEO Mohamed El-Erian shared his thoughts on Japan's economy, following the tragic earthquake and tsunami that hit that nation Friday. El-Erian wrote that five factors will dominate the economic outlook, as the whole world is hoping the tragedies will soon give way to stories of rescues and recovery of a society that is suffering enormous pain and disrupting uncertainties.
As the Japanese race the clock to avert a nuclear meltdown at a power plant, House Speaker John Boehner, (R-Ohio), told CNBC Monday that the US needs to assess both the Japanese situation and its own relationship with nuclear energy.
The world's biggest nuclear power is France, where 58 plants generate 75 percent of the nation's electricity.
The yen is stable for now after moves by the Bank of Japan, and the dollar is depressed by OPEC selling — it's time for your FX Fix.
It took us ten hours to drive in from Tokyo. Yet slowly, there were signs of what was to come. Gaping holes in the highway, fallen trees, and pavements turned into bumps as they undulated during the quake.
While the world has fallen out of love with the Japanese economy in recent years it remains an economic powerhouse and important to the global economy, Sean Corrigan, chief investment strategist at Diapason Commodities Management, said Monday.
Japan's Nikkei average tumbled over 5 percent at one point on Monday as investors shifted to safer assets following after Friday's massive earthquake and tsunami, with the long-term impact uncertain as nuclear disaster looms.
The unfolding crisis at the two reactors, both at the Fukushima Daiichi Nuclear Power Station, feeds into a resurgence of doubts about nuclear energy’s safety — even as it has gained credence as a source of clean energy, the New York Times reports.
Traders went home Friday thinking about Japan's tragic earthquake and tsunami, more possible unrest in the Middle East, and Europe's sovereign debt problems.
After sinking initially on reports of the massive quake, the yen rallied strongly. Here's how you can trade it now.
The economic impact from the tsumani that slammed into eastern Japan following one of the largest earthquakes ever recorded, 8.9 magnitude, will be felt in the near future, Sean Egan, founder partner and president of Egan-Jones Ratings Company, told CNBC on Friday.
While commodity and currency markets took the biggest immediate hit from Friday's earthquake and tsunami in Japan, the damage will be felt throughout the world's economy and the US.
Residents need to be prepared for the strongest waves four to five hours after the first one hits, but there will be no "wave of water", one expert told CNBC.
Carnival's first-quarter earnings will fall short of Wall Street expectations and the cruise operator is cutting its full-year earnings outlook. The Miami company blamed rising fuel prices and some itinerary changes in the Middle East and North Africa for the reduction to its 2011 guidance.
The yen plummeted and then rocketed higher after a massive earthquake and tsunami struck Japan early this morning, and traders expect plenty of choppiness as the day unfolds.
The biggest earthquake on record to hit Japan in 140 years sent stock markets across the globe sharply lower, while the yen and oil prices also fell.
Friday's massive earthquake is yet another challenge to Japan's recovery but it may provide a jolt to the economy over the short term, Lawrence Summers, president emeritus of Harvard University and former director of the White House National Economic Council, told CNBC.
The 8.9 magnitude earthquake that hit Japan Friday will likely dent investor confidence in the short term, but is unlikely to derail the global economic recovery, analysts told CNBC.
Poll: Have The Recent Disasters Put You Off Travelling to Australia?