Japan shuts down as economic fears grow

The Telegraph reports:

The three largest motor manufacturers – Toyota, Honda and Nissan – said they would stop production at almost all of their domestic assembly plants. The safety of the workforce and deaths were cited as reasons behind the decision. The electronics giant Sony also said it would be shutting down production.
Gerard Lyons, chief economist at Standard Chartered, warned of possible temporary price stagflation and an initial downward move for the country’s economy.
“The timing of the disaster could not have been much worse,” admitted analysts at Capital Economics, pointing to Japan’s economic contraction in the last three months of 2010.