On Friday, the land of rising Sun, Japan was rocked by an earthquake of 8.9 magnitude followed by a devastating tsunami, nuclear explosions and volcano eruptions.
Nomura analysts Takahide Kiuchi and Okazaki Kohei wrote, "We now expect the Japanese economy to take longer than we expected to exit its current soft patch owing to the earthquake and tsunami."
However, some analysts hoped to see regain in Japan's economy during the end of Apr-June 2011 period. Though most of the experts claimed that the country's development is troubling now.
"It just increases uncertainty at a time when uncertainty is already high," stated Ward McCarthy, chief economist at Jefferies in New York.
The chief of economic research at Mitsubishi UFJ, Brendan Brown expressing fear of Japan's worst economy on international market, claimed, "The primary effect on the world economy will be on big trade partners in Asia, including China and Korea."
Previously, Japan had experienced recession after the country was hit by 1995 Kobe earthquake. At that time the industrial output fell but overall output remained strong, analysts said.
On Monday, Mar 14, Japan reportedly experienced another earthquake of 5.8 magnitude and fresh tsunami alerts have been issued in several parts of the country.
Following the nuclear explosions in Fukushima nuclear power plant, more than 20,000 people were evacuated from the surroundings of the plant. 116 people were feared to have poisoned over radioactive rays.
The total death toll have crossed estimated 10,000. Though officially, it has been declared that more 2,000 are dead till Monday evening.