First off, I want to say that I am praying for all of the citizens of Japan as I write on this most current event. As a representative of the International Business and Economics Club, I hope the best for the people of Japan. And while a natural disaster of this degree could be devastating to a country, the support of countries around the world is going to be ready to aid Japan. More information on the incident can be found here.
Within two hours of the massive 8.9 earthquake that has caused immense damage to the people and country of Japan, the US Dollar and Euro both gained on the Yen. The Yen has dropped .2% and .4% off the dollar and Euro. It should be interesting to watch how the Yen fluctuates as the effects of the tsunami continues. The exchange numbers can be seen on Reuters, along with further information in the article about exchange information around the world, but furthermore concerning is the aftermath of this terrible disaster.
While it is likely Japan will be taking an economic hit from the tsunami that has resulted due to the earthquake and the reported 7.4 aftershock, the bigger concern should be directed towards the citizens of Japan.
References: Huge Earthquake Triggers Tsunami Off Japan’s Coast. NY Times
(post by Evan Amano)
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