2011 Sendai Earthquake And Tsunami, Tōhoku Region, Pacific Ocean

On 14 March, The Bank of Japan, in an attempt to maintain market stability, injected 15 trillion yen into the money markets to assure financial stability amid a plunge in stocks and surge in credit risk. After it set up an emergency task force to ensure liquidity in the aftermath of the disaster, governor Masaaki Shirakawa and the bank's board also enlarged a programme to buy government bonds to exchange-traded funds to the tune of 10 trillion yen. The BOJ chief told reporters cash injections will continue as needed.
Chief Cabinet Secretary Yukio Edano has said that Japan's government will convene on 13 March to gauge the economic effects of the catastrophe. He also told NHK Television that about 200 billion yen that was remaining from the budget for the concurrent fiscal year that would end on 31 March would be used to fund the immediate recovery efforts. Additional measures could also hurt Japan's public debt (which is already the highest in the world). This additional spending could hurt demand for government bonds.
Economic analysts posit that, ultimately, the catastrophe will improve Japan's economy, with increased job availability during restoration efforts. An analyst at JPMorgan Chase, citing the 1989 San Francisco earthquake and the 1994 Northridge earthquake, noted that natural disasters "do eventually boost output." An analyst at Société Générale anticipated that Japan's economy will decline in March but will revive powerfully in subsequent months. After the Kobe earthquake, industrial output dropped 2.6%, but increased by 2.2% the next month, and 1% the following month. Japan's economy then accelerated substantially through the next two years, at more than its former rate. There are others who posit that this is harmful to the economy, and that the above analysts are falling prey to the broken window fallacy.