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The effect the recent Japanese earthquake will have on Apple and its capacity to manufacture its top-selling products, with the latest report identifying five core iPad 2 components likely sourced from the region.

In particular, iSuppli is reporting that its teardown analysis of the iPad 2 so far has been able to identify the following parts sourced from Japanese suppliers:

• NAND flash from Toshiba Corp.;
• dynamic random access memory (DRAM) made by Elpida Memory Inc.;
• an electronic compass from AKM Semiconductor;
• the touch screen overlay glass likely from Asahi Glass Co;
• and the system battery from Apple Japan Inc.

“While some of these suppliers reported that their facilities were undamaged, delivery of components from all of these companies is likely to be impacted at least to some degree by logistical issues now plaguing most Japanese industries in the quake zone,” said iSuppli’s analyst Andrew Rassweiler.

Apple can get NAND and DRAM from other sources, notably Samsung and Micron. The battery, compass and glass are not so easily replaced.

The batteries manufactured in Apple’s Japanese factories are unusually thin, the compass was selected to work closely with the iPad’s accelerometer and gyroscope, and the glass seems to use the new Dragontrail technology that only Asahi can supply.

Hon Hai (Foxconn), which assembles iPads for Apple in China, is reported to have plenty of parts in hand, which helped Hon Hai’s shares rebound more than 1% in the Taiwan stock exchange Friday. Longer-term, the rate at which Hon Hai can build — and Apple can deliver — iPads may depend on how long Japan’s aftershocks and logistical problems persist.

Piper Jaffray’s Gene Munster pointed out Wednesday that because Apple tends to buy its components in large pre-payment deals that guarantee supply and pricing, it is probably in a better position than any of its competitors to weather the storm.