Key points of this paper:
The Japanese earthquake has caused terrible human suffering. In terms of the economic impact, in the short term it will likely depress Japan's economy as a result of damage to factories, power supply, transport infrastructure and confidence. However, by the second half of the year the rebuilding effort is likely to result in a boost to growth.
While it has significantly added to short term uncertainty in global investment markets, we don't expect the earthquake to derail the global economic recovery. We continue to see the recent pull back in share markets as a correction, and not the start of a new bear market.
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