It's difficult to picture the vibrant world power that Japan is, as images of this morning's events flood the screens.
The magnitude 8.9 earthquake that triggered a 10-meter Tsunami couldn't have had a more worthy opponent, however, and economists don't expect the impact to be as great as for the earthquakes in Indonesia or even in Chile.
True, Japan's economy was slowly making headway toward positive economic growth after a weak fourth quarter and was battling a large deficit toward this end -- factors that make this a tough time for the country to suffer a catastrophe of this magnitude.
But the rebuilding effort will benefit the construction sector, and in turn could have a positive impact on the economy.
"I think that since unemployment was a little higher than average in Japan’s case, and this will probably contribute to a greater degree of employment and additional multiplier effects through the economy will operate in a positive sense over course of next several months," said Albert Fishlow, Professor Emeritus of International and Public Affairs Columbia University.
As for the rebuilding process, Professor Fishlow thinks, "Japan will be able to manage this without having any adverse effects."
Among the companies likely to have a hand in the rebuilding process, are Vale S.A. and Freeport-McMoRan Copper & Gold Inc. , said Steven Cortes, Founder of Veracruz LLC.
"I'm not predicting a return to raging bull moves in those areas, but an even more accommodative Japanese government and massive rebuilding program might well provide some relief for those battered materials and building sectors," said Cortes, a Fast Money contributor.
Brian Kelly, Kanundrum Capital President, also expects disruptions to nuclear power in Japan to benefit natural gas, gasoil and companies like Shaw Group , which rebuilds nuclear plants.
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CNBC.com with wires.