18 Mar '11, 7am

After quake, Japan economy faces nuclear threat

TOKYO: Japan's earthquake-battered economy faces a new and unpredictable threat from a deepening nuclear crisis and power blackouts that analysts say could hinder a recovery from the disaster. The 9.0-magnitude tremor and killer tsunami which struck on March 11 are feared to have caused hundreds of billions of dollars in damage to the world's third-largest economy, although the full impact is still far from clear. Underscoring the enormity of the task facing Japan, the Group of Seven major economies pledged Friday to jointly intervene in the currency markets for the first time in a decade to rein in the soaring yen. Damage to roads, bridges, sea and air ports as well as power plants suggests the economic damage from the quake is likely to be several tens of trillions of yen (hundreds of billion of dollars), said analysts at Morgan Stanley. The four worst affected prefectur...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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