Shirakawa is speaking to the Council on Foreign Relations in New York. He says the impact of the March earthquake is bigger than the 1995 quake.The quake will significantly impact the economy and GDP, he says. Those effects will extend to China and Korea, he says.

Meanwhile, Obama is holding a photo-op with the heads of the deficit reduction commission that he has ignored since they filed its report in December. Now he is trotting them out as he tries to play catch-up on deficit cutting…