The early gloomsters are out and about proclaiming that Australia will suffer from any sell off of Japanese investments or from any slump in Japanese economic activity as a result of the quake, tsunami and nuclear crisis.

Many of these 'experts' are the same who saw collapse and debt crisis in the GFC for Australia, and have yet to get around to correcting some of their more outrageous commentaries.

They should all go and have a cold bath.

The surge in the value of the yen to a record around 76 to the US dollar saw our dollar sold off for a while before it turned late yesterday and rose.

Rather than another problem for the Australian dollar, the events of the past week have been an interesting test and it has proved to be a bit stronger than many commentators thought.

But