It might well be true. Almost all the automakers in Japan have halted production in all their facilities due to damages. We still don't know the extent of the damage.
Also worth pointing out that '96-'99 was a record period for U.S. stocks.I'm wondering whether there will be an impact on U.S. bond prices because Japan is a big buyer of U.S. debt. After the "flight-to-quality' yields will likely pop. Also, won't it affect auto prices?