• Scale of output, income loss caused by Japan quake may already have lowered future growth trajectory of Japan economy
• Risk Japan companies may lose global market share due to supply chain disruptions
• Worse than expected Japan GDP adds urgency to PM plan to introduce second supplementary budget
• Extent to which govt will share burden of TEMPCO liabilities also risk for Japan fiscal outlook
• Weaker than expected Japan economic rebound may necessitate action by MOF, BOJ