8.8 Earthquake Hits Japan, Nikkei, Dow Jones, SP 500

NEW YORK - A massive 8.8 earthquake on the Richter Scale hit Japan today which has triggered tsunami warnings across the Pacific Ocean. The earthquake was followed by many aftershocks, many of them have been above 6.0 in force. The earthquake is the largest ever recorded in Japan.

There has been a report from Tokyo of 300 people dead and 500 missing, but estimates are difficult to measure because aftershocks are still continuing. The earthquake caused a imminent 1% drop on Japan's biggest stock market index, the Nikkei. The futures in Japan continue to drop nearly 5% which means the markets will likely open lower before Monday's open.

The Kobe earthquake which hit Japan in 1995 was a 7.2 magnitude quake and over 6,000 people lost their lives. The damage was 2.5% of Japan's GDP.

At this time it is unsure it is unsure what the damage will be from today's earthquake.