Aftermath of the 2011 Tōhoku earthquake and tsunami highest in the world). This additional spending could hurt demand for government bonds. Silicon wafer production has been suspended at factories owned by Shin-Etsu Chemical and MEMC Electronic Materials, which together account for 25% of the global silicon wafer production. The suspension is expected to drastically impact semiconductor production, which is contingent on wafer availability. Some economic analysts consider that, ultimately, the catastrophe will improve Japan's economy, with increased job availability during restoration efforts. An analyst at JPMorgan Chase, citing the 1989 Loma Prieta earthquake in the San Francisco Bay Area and the Southern California 1994 Northridge earthquake, noted that
1989 Loma Prieta earthquake in San Francisco's Marina District from the epicenter resulted from liquefaction of soil used to create waterfront land. Other effects included sand volcanoes, landslides and ground ruptures. Some 12,000 homes and 2,600 businesses were damaged. In Santa Cruz, close to the epicenter, 40 buildings collapsed, killing six people. At the Santa Cruz Beach Boardwalk, the Plunge Building was significantly damaged. Liquefaction also caused damage in the Watsonville area. For example, sand volcanoes formed in a field near Pajaro as well as in a strawberry field. The Ford's department store in Watsonville experienced significant damage, including a crack down the front