Quake Hits Off Taiwan

A 3-foot-high tsunami was rolling toward the east coast of the Philippines Tuesday after a large earthquake hit off the shores of Taiwan.

Japan's Meteorological Bureau said there was the "possibility of a destructive local tsunami," according to the Associated Press. The quake comes on the two-year anniversary of a gigantic earthquake off Indonesia that produced a tsunami that ultimately killed more than 200,000 people.

Officials in Taiwan said the earthquake had a magnitude 6.7. The U.S. Geological Survey said the quake was a 7.1. Reports said a magnitude 6.4 aftershock followed the initial quake.

Dow Jones reported that Taiwan Semiconductor (TSM Quote) resumed operations at its local plants and that chip foundry United Microelectronics (UMC Quote) said its factories weren't affected.