Who knows? It seems doubtful to me. The Tsunami and ensuing economic carnage was a unique event that, in my opinion, offers a trading opportunity. Panasonic's 2011 losses are tied to the Tsunami and also the dramatic appreciation of the Yen which crushed Japanese exporters. The Yen's rise was attributed to the sell-off of assets held by Japanese corporations and the government with a parallel translation of the proceeds into Yen denominated accounts. This was a massive effort to raise funds for reconstruction purposes. The Yen was and still is priced too high given the current state Japanese sovereign sector deficits and near 0% domestic interbank lending rates. Why hold Yen????