 major disruptions for many key businesses at least in the short term.
"The government would have to sell more bonds, but this is an emergency, so this can't be avoided," Yamamoto said.
The quake has been ranked as the 7th most powerful ever recorded.
Sirens were sounded in Honolulu shortly after the warning was issued Thursday at 9:31 p.m. Haiwaii time.
The warning follows a massive earthquake that has struck off the northeastern coast of Japan.
A tsunami watch was also issued for the coasts of Oregon, Washington and California as well as parts of Alaska, The Oregonian newspaper reported. The paper said any wave which reached the coast could hit just before 7:30 a.m. local time Friday.
Tsunami warnings are issued due to the imminent threat of a tsunami.
It is frightening to watch the 12-13 foot waves of the tsunami just sweep away everything in its path.
(Reuters) - Thirty international search and rescue teams stand ready to go to Japan to provide assistance following a major earthquake, the United Nations said on Friday.
"We stand ready to assist as usual in such cases," Elisabeth Byrs of the U.N. Office for the Coordination of Humanitarian Assistance (OCHA) told Reuters in Geneva. "Thirty international search and rescue teams are on alert and monitoring the situation and stand ready to assist if necessary."
U.N. disaster assessment and coordination teams, who deploy in emergencies worldwide to try to locate and treat survivors, normally include sniffer dogs and medical teams.
And what is it that these teams are supposed to do? If people got caught in the tsunami their bodies are either washed out to sea or they will be found when the heavy earthmoving takes place. Japan builds structures very well, so we are not going to have people alive under collapsed buildings.
Following are main developments in the earthquake measuring 8.9 that struck northeast Japan today.
* At least five people reported dead in Fukushima province, and many feared buried in rubble after a hotel collapses in northern city Sendai.
* Quake triggers tsunami up to 10 metres (30 feet), waves sweep across farmland, sweeping away homes, crops, vehicles, triggering fires. Tsunami of 7 metres later hits northern Japan.
* Strong aftershocks hit northern Japan.
* Power cut to four million homes in and around Tokyo. Fourteen fires blaze in Tokyo.
* Many sections of Tohoku expressway serving northern Japan damaged. Major fire at Chiba refinery near Tokyo.
8 Bullet trains to the north of the country stopped. The government was to dispatch 900 rescue workers to stricken regions.
* Narita airport closed, flights halted, passengers evacuated. Tokyo underground, suburban trains halted. Sendai airport in the north flooded.
* All Japanese ports closed and discharging operations halted, shippers report.
* Eight military planes scrambled to survey damage. Prime Minister Naoto Kan asks people to remain calm and orders the military to do their utmost to act. Cabinet to meet. The government says more tsunami possible.
* Central bank vows to do utmost to ensure financial market stability.
* Some nuclear power plants and oil refineries shut down automatically. Tepco's Fukushimi No. 1 plant had an equipment problem after the quake, but safety is ensured, officials say.
* Television reports a major fire at Cosmo Oil Co's Chiba refinery east of Tokyo, and a fire was reported at JFE's steel plant, also in Chiba.
* Electronics firm Sony closes six factories, Kyodo new agency reports.
* Asian shares fall after the quake hits while Nikkei still trading; European shares fall to their lowest in three months.
A magnitude 8.9 earthquake slammed into Japan's north-eastern coast today, unleashing a four-meter tsunami that swept boats, cars, buildings and tons of debris miles inland. Fires burned out of control up and down the coast, including one at an oil refinery.
At least one person was killed and there were reports of several injuries in Tokyo, hundreds of miles (kilometers) away, where buildings shook violently through the main quake and the wave of massive aftershocks that followed. A tsunami warning was issued for dozens of Pacific countries, as far away as Chile.
Japan's meteorological agency said that within two hours, large tsunamis washed ashore into dozens of cities along a 1,300-mile (2,100-kilometer) stretch of the country's eastern shore — from the northern island of Hokkaido to central Wakayama prefecture.
Prime Minister Naoto Kan said the quake caused "major damage in broad areas" but nuclear power plants in the area were not affected. The government prepared to send troops to the quake-hit areas.
"This is a rare major quake, and damages could quickly rise by the minute," said Junichi Sawada, an official with Japan's Fire and Disaster Management Agency.
The tsunami also roared over embankments in Sendai city, washing cars, houses and farm equipment inland before reversing directions and carrying them out to sea. Flames shot from some of the houses, probably because of burst gas pipes.
Elsewhere, large fishing boats lay upturned on land, some distance from the sea.
Officials were trying to assess damage, injuries and deaths but had no immediate details. Police said at least one person was killed in a house collapse in Ibaraki prefecture, just northeast of Tokyo.
NHK showed footage of a large ship being swept away by the tsunami and ramming directly into a breakwater in Kesennuma city in Miyagi prefecture.
In various locations along the coast, footage showed massive damage from the tsunami, with cars, boats and even buildings being carried along by waters. Partially submerged vehicles were seen bobbing in the water.
The U.S. Geological Survey said the quake was a magnitude 8.9, while Japan's meteorological agency measured it at 8.4. It struck at 2:46 p.m. and was followed by 12 powerful aftershocks, seven of them at least 6.3, the size of the quake that struck New Zealand recently.
Several nuclear plants along the coast were partially shut down, but there were no reports of any radioactive leakage.
Thirty minutes after the main quake, tall buildings were still swaying in Tokyo and mobile phone networks were not working. Japan's Coast Guard has set up a task force and officials are standing by for emergency contingencies, Coast Guard official Yosuke Oi said.
In Tokyo, hundreds of people were evacuated from Shinjuku train station, the world's busiest, to a nearby park. Trains were halted.
Tokyo's main airport was closed. A large section of the ceiling at the 1-year-old airport at Ibaraki, about 50 miles (80 kilometers) northeast of Tokyo, fell to the floor with a powerful crash.
Japan's worst previous quake was in 1923 in Canto, which killed 143,000 people, according to USGS. An earthquake in Kobe city in 1996 killed 5,502 people.
The North American West Coast Tsunami alert has been upgraded from a watch to a warning.
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Thule ClipOn High 9106
The fast mounting and foldable bike carrier designed for station wagons and hatchbacks (for 2 bikes).
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The fast mounting and foldable bike carrier designed for station wagons and hatchbacks (for 2 bikes).
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Product data:Master Mechanical Heating and Cooling is a family owned and operated business that is built on a foundation of honesty. We understand the importance of your family's comfort and therefore, our services are available 24/7.
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