13 Apr '11, 10am

Japan downgrades view of economy after quake

TOKYO : Japan cut its assessment of the economy for the first time in six months after the devastating March 11 earthquake and tsunami and the resulting nuclear crisis, it said Wednesday. The move came after the Bank of Japan last week downgraded its view of an economy ravaged by the quake and the monster wave it unleashed, which destroyed entire towns and left more than 28,000 dead or missing. "The economy was picking up, but it has shown weak signs recently due to the impact of the Great East Japan Earthquake," the Cabinet Office said in its monthly economic assessment. "It remains in a severe condition." The quake and tsunami devastated infrastructure and manufacturing facilities in northeastern Japan, plunging the nation into its worst crisis since World War II with an ongoing nuclear crisis adding to uncertainty over the economy. With infrastructure ravaged, key suppl...

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

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