At least that is what most experts continue to report. Market keeps getting crushed despite most of the experts downplaying all the risks on radiation. Use your own judgement on the risk of a radiation crisis in Japan, but the risks seem a lot lower then the panic on the street. Naturally I wouldn't want to hang around within 50 miles of the Fukushima plant and take even a 5% risk, but that doesn't mean investors should flee stocks.
Whats absurd today is the market swooned on reports from a EU energy minister called the situations a 'catastrophe'. Though he was only throwing in his conjecture of the whole situation the market took it to mean a radiation catastrophe was just starting. Now we're hearing news that the Japanese utility has just about got a new power line to the location that could hopefully turn the cooling system back on.
The new remains fluid, but the Chernobyl situation doesn't appear on the table and if so stocks are very cheap. Watch the Tech Ticker interview.
Bottom line: While the situation at the plant is dire, the risk of radiation throughout Japan is minimal. Americans certainly don't have anything to worry about.
Update 4:30pm cst: Unfortunately the media spent most of the day hyping escalating issues in the nuclear crisis though the only real news was the very positive possibilities of a power line hooking up the power and ending the crisis. The fear mongering was off the chart even though today was the first day without a fire or an explosion. Sure seems like somebody was attempting to push the market down via news leaks.