As I have noted, the ongoing media hype over the possible damage done to the Japanese and world economy is overdone and simply wrong.
Once the situation on the ground has stabilised the Japanese will pump billions into rebuilding the infrastructure, which in itself will give the moribund construction industry a much needed boost.
Chief Cabinet secretary Yukio Edano has already announced that Japan will establish a Ministry of Reconstruction.
It is estimated that Japan will take around five years to reconstruct the shattered infrastructure, a level of reconstruction not seen since the end of World war II.
Preliminary estimates, which will be revised, put the cost of reconstruction at around $180BN.
Whilst the shorters currently have the "upper hand", the medium and long term prospects for the markets are favourable. Do not panic, and do not get suckered in by the media hyperbole of crashing markets and nuclear "meltdowns".