Global markets are all down on a tsunami warning for north-eastern Japan after an earthquake with a magnitude of 7.4 struck off the east coast of Honshu.
Markets immediately plummeted on the news. The FTSE fell 40 points from its day-high, and in the US the Dow Jones dropped 100 points from its earlier peak.
Both guages made a speedy recovery as traders anticipate the lower-Richter quake will cause less damage than last month's 9 point predecessor.
But the FTSE ended the day down 0.48% at 6,012.12. It was a similar picture in the US, with the Dow down 0.48% just before 5pm GMT.
The Japanese yen strengthened swiftly against the dollar on the news. The dollar quickly fell to ¥84.87.
The safe-haven Swiss franc also advanced quickly against the U.S. dollar on a tsunami alert following the quake.
Japanese television is warning of a tsunami moving inland with a predicted wave 1m (3ft) high.
The area was ravaged by an earthquake and tsunami last month which severely damaged the Fukushima nuclear plant.
Thursday's quake was 118km (78 miles) north of Fukushima, 40km offshore, according to BBC reports.
The Tokyo Electric Power Company (Tepco), which operates the already damaged Fukushima nuclear plant, says it is checking on the situation at the site.
The quake was strong enough to shake buildings in Tokyo.
This morning the central Band of Japan warned the country's economy is "under strong downward pressure" in the wake of the damage caused by last month's earthquake and tsunami.
Lost production and disrupted supply chains are the main cause of the downward pressure, the central bank told the BBC, problems which are likely to be increased by today's disaster.
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