The effects of the March 11th earthquake and Tsunami in Japan exceeded expectations with the gross domestic product (GDP) declining, for the second consecutive quarter, by.9 percent, compared to the prior quarter. The drop in GDP is attributed to a decrease in business investment, consumer spending, and inventory in the private sector. On an annually [...]
Earthquake- and tsunami-ravaged Japan revealed Wednesday that retail sales in the country for the month of March decreased by 8.5 percent. The decrease is a clear indication of the extent of the damage caused by the multiple natural disasters which hit the country in the month, analysts say. A massive magnitude 9.0 earthquake which generated [...]
The Japanese government, in its continuing efforts to rebuild after the company was devastated last month, will be building 100,000 temporary houses for displaced victims. In a press event on Friday, Japanese Prime Minister Naoto Kan said that the government will be building the said number of temporary homes and that the government expects 30,000 [...]
Starting midnight on Thursday, people will not be allowed to enter a 20-kilometer radius zone around the earthquake- and tsunami-damaged Fukushima Dai-ichi nuclear power plant. According to Japanese authorities, they will be implementing a no-go zone over the area to protect citizens from radioactivity and deter looting in the area. Those caught risks detention of [...]
The Government of Japan may raise sales tax by 3% to 8% for three years starting next fiscal for financing the reconstruction work after the devastating earthquake and Tsunami last month. The tax increase will increase the state revenues to 7.5 trillion yen (91 billion dollars) a year, reports Reuters referring to newspaper Yomiuri. Only [...]
The United State Treasury’s monthly Treasury International Capital report shows that while China reduced its net holdings of U.S Treasuries by $600 million to $1.154 trillion in February it is still the biggest foreign holder. Japan was the second biggest holder of U.S Treasuries in February and remains a net buyer, increasing its holdings to [...]
Naoto Kan, Japan’s current prime minister, has been called on by the opposition to resign following allegations that he has botched the Asian country’s reaction to the twin tragedies which struck in early March. Liberal Democratic Party (LDP) chief Sadakazu Tanigaki told a news conference on Thursday that “The time has come for (Kan) to [...]
The level of severity for the current nuclear crisis in Japan has been increased by authorities to a level equal of that of the Chernobyl incident in the 80s, reports say. Japanese authorities on Tuesday say that they have increased the rating to level 7, citing the amount of radiation spewed out from the broken [...]
The largest automaker in the world has announced that it will start limited production runs at all its plants in earthquake- and tsunami-stricken Japan on April 18 – 27, reports say. The announcement came Friday as Toyota said that limited production will begin at all of its 18 plants. The limited production means that each [...]
A magnitude 7.1 aftershock struck Japan late Thursday in what is reported to be the biggest aftershock the country has experience since the earthquake dubbed as the rare Big One hit the Asian nation early in March. According to reports, two people have been killed in the latest aftershock which also disrupted power supply to [...]
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