Japan counts the cost of record quake

Japan’s central bankers will convene an emergency meeting today to discuss measures to calm financial markets after a magnitude-9.0 earthquake struck off its northeast coastline at 2.46pm on Friday.

The worst of the news emerged after stockmarkets in Japan closed on Friday, leaving the Nikkei stock average down just 1.7% at 10,254. In Hong Kong, the Hang Seng index lost 1.6%. However, Nikkei futures plunged to below 10,000 in New York trading on Friday and the market will likely continue to fall today, as investors react to the full extent of the damage.

In currency markets, the yen appreciated as Japanese companies and insurers repatriated offshore funds...