Continuing from Tuesday, the following articles have been published over the past 48 hours that I think worthwhile to bring to your attention:

·        'Economists React: If Worst Happens in Japan, All Bets Are Off' - reading time 3 minutes.  This article sets out the current views of nine economists.  I think of particular interest are comments made with respect to (1) likely replacement of lost nuclear power capacity by thermal coal, natural gas, and petroleum products, (2) that the four areas most affected by the earthquakes account for 6% - 7% of the overall Japanese economy, (3) that Japanese tourism will likely be affected for months, and (4) rebuilding could increase world oil prices;

·        'Aftershocks from Japan' - reading time 3 minutes.  This article discusses the potential spillover effects on the rest of Asia and major world economies as viewed by its author.  I found some of the comments related to which countries are said to have the largest export exposure to Japan (Australia, Philippines and Indonesia) and countries who export comparatively smaller percentages of their total exports to Japan (China, the U.S.) interesting.  That said, as I read it, the more important message set out in the article is how the Japanese situation 'boxes the rest of us into an even tighter corner' or, as I think about it, how the Japanese situation makes an already fragile world economy even more fragile; and,

·        'Fukushima Dai-ishi status and potential outcomes' - reading time 5 minutes.  This article provides a current (I think perhaps 2 - 3 hour old) update, and suggestions as to possible outcome related to the ongoing nuclear issues, including commentary on the water-bombing attempts made in the past few hours that I am sure you likely have seen in the media coverage.  My view of that water-bombing activity is that it must be being done out of desperation, and things must be degenerating.  While the author of the article doesn't relate the water-bombing to 'degeneration', he does say that it seems "like an act of desperation".

Like many people, I am increasingly focusing on what might be some of the 'specifics' of the macro-economic consequences of the Japanese earthquake in both the near and longer term.  I plan to include my current thoughts on that subject in tomorrow's e-mail.