Matt Holzmann writes,

Silicon foundries and specialty materials factories were destroyed or damaged with no real chance yet to determine the extent of that damage. But it is certain there will be severe shortages of a number of critical materials. No silicon = no chips, and so it goes down the manufacturing pipeline.

The rolling power outages are also having their effect. Many major corporations, especially in energy intensive industries such as automotive, have shut down until power supplies can be stabilized. There is another, much smaller, and equally significant sector that is affected, which is the manufacturing base for thin copper foils used primarily in packaging substrates and mobile devices. Most of the global capacity is located in Japan, and until these plants come back on line, there will be a direct impact on the production of components and the entire mobile device industry.

Or, if you insist on sticking with the AS-AD paradigm, the supply-shock effects are global, not just local.

[UPDATE: if a mere blog post is not enough to convince you there is a story here, then perhaps New York Times article will do so.]