The people of Japan are under severe stress and deep anguish because of the cleanup from Friday’s devastating earthquake and tsunami. The readers of NOTES are well aware that my son, Tobias Harris, is a recognized analyst on Japanese politics and has been the recipient of Japanese hospitality on numerous trips and long periods of work. Our hearts go out to the Japanese people as they begin to come to terms with the massive amount of destruction and loss of life. As traders, we tend to focus on the financial ramifications of major disasters but the depth of despair and suffering for those caught in its wake is real and we should all offer our prayers and aid to the people of Japan. With that said, we know that as the human suffering is tabulated the world goes on and markets will be trying to come to terms with global financial impact.