Saturday, April 9, 2011

Japanese economy left severely damaged

From Reuters:

Japan also faces calls to revive its disaster-hit economy to prevent a knock-on impact on the global economy.

G20 finance leaders will ask Tokyo for a plan to resuscitate its economy as they see the economic damage from the earthquake as a risk to global growth, Takatoshi Kato, a former IMF deputy managing director, told Reuters in an interview on Friday.

The earthquake and tsunami left 28,000 people dead or missing, and damaged six nuclear reactors north of Tokyo.

The world's third largest economy is now in a "severe condition," the Japanese government said on Friday.

A major 7.1 aftershock on Thursday night rocked Japan's east coast, killing three people, injuring 141 others, and leaving four million homes without power. It also prompted a brief evacuation of workers from the damaged Fukushima Daiichi nuclear plant.

TEPCO said there had been no damage to its plant, which until two days ago was leaking highly radioactive water.

South Korea has also criticised Japan, accusing it of incompetence for failing to notify its neighbours that it would pump radioactive water into the sea.

"They should have given notice but didn't, perhaps because they just didn't get around to think of it, but it is a question of their incompetence," Prime Minister Kim Hwang-sik said in answer to a question in parliament on Thursday.....read in full

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