Hawaii may have escaped the tsunami that followed Japan's earthquake last week, but the state's tourism industry could face long-lasting aftershocks. "There is no template on this," says Hawaiian Airlines CEO Mark Dunkerley, noting that the company so far has seen only "a modest single-digit drop-off in bookings." But Leroy Laney, a professor of finance and economics at Hawaii Pacific University, predicts the drop-off in Japanese tourism could be long-lasting. "That market tends to be an all-or-nothing kind of market," he says. "I think it will be a very large percentage of them for a long time to come."

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