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Sun, 2011-03-13 17:04 — mdmcdonald
Economic Impacts

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Japan Faces Costly, Unprecedented Radiation Cleanup

Fri, 2011-08-26 00:08 — Kathy Gilbeaux

by Yoko Kubota - Tokyo - Reuters - August 25, 2011

     

(Reuters) - Nearly six months after the world's worst nuclear crisis in 25 years at the Fukushima nuclear plant, Japan faces the task of cleaning up a sprawling area of radioactivity that could cost tens of billions of dollars, and thousands may not be able to return home for years, if ever.

Fuel core meltdowns at the facility in March, triggered by a huge earthquake and tsunami, released radioactive material into the air which mixed with rain and snow and covered dozens of towns as well as farmland and woods, mainly along the northeast coast of Honshu.

Tokyo has been slow to provide a plan for rehabilitation, leading some residents near the plant exposed to high levels of radioactive caesium in homes and food, have started their own cleanup instead of waiting for the government to act.

Moody's Cuts Japan's Debt Rating on Deficit Concerns

Tue, 2011-08-23 23:30 — Kathy Gilbeaux

BBC - August 23, 2011

The earthquake and tsunami caused widespread destruction to Japan's north-east coast.

Rating agency Moody's has cut Japan's long-term sovereign debt rating citing concerns about the size of the country's deficit and borrowing levels.

The rating was cut to Aa3 from Aa2, though Moody's also said the country's outlook was stable.

Japan has been trying to recover since the global economic crisis in 2009.

However, it was also hit by an earthquake and tsunami in March, and the rebuilding cost is weighing on growth and state finances.

"The rating downgrade is prompted by the large budget deficits and the build-up in Japanese government debt since the 2009 global recession," Moody's said in its statement.

"Over the past five years, frequent changes in administrations have prevented the government from implementing long-term economic and fiscal strategies into effective and durable policies."

Rice Futures Trigger Circuit Break in Tokyo Debut

Mon, 2011-08-08 00:47 — Kathy Gilbeaux

Bloomberg - By Jae Hur and Yasumasa Song - August 7, 2011

 

An official from the Chiba Prefectural Government Offices shows a sack of rice samples bound for radiation tests at a field in Katori City, Chiba Prefecture, Japan.

Rice futures in Tokyo surged on the first day of trading after a seven-decade halt, triggering the bourse to suspend trade, on concern radiation from the stricken Fukushima nuclear plant may spread to crops and curb supply.

No deals were concluded on the Tokyo Grain Exchange after prices hit 18,500 yen per 60 kilograms from the opening, compared with the bourse’s reference price of 13,500 yen. The surge triggered trade to be suspended.

The exchange listed rice contracts today for the first time since the start of World War II to boost flagging volumes and profit. The resumption comes as fallout from the Fukushima Dai- Ichi power plant may spread after it was found cattle had been fed cesium-tainted rice straw.

Japan Nuclear Crisis: IAEA Report Finds Country Underestimated Tsunami Risk For Nuclear Plants

Wed, 2011-06-01 11:49 — Kathy Gilbeaux

In this May 27, 2011 photo released by the International Atomic Energy Agency, or IAEA, members of the IAEA fact-finding team in Japan visit the Fukushima Dai-ichi nuclear plant in Okuma, Fukushima prefecture, northern Japan. (AP Photo/IAEA)

Reuters - June 1, 2011

TOKYO, June 1 (Reuters) - Japan underestimated the risk of tsunamis and needs to closely monitor public and workers' health after the crisis at the Fukushima Daiichi nuclear plant, a team of international safety inspectors said in a preliminary review of the world's worst nuclear disaster since Chernobyl.

The report, from an International Atomic Energy Agency (IAEA) team led by Britain's top nuclear safety official Mike Weightman, highlighted some of the well-documented weaknesses that contributed to the crisis at Fukushima when the plant, 240 km (150 miles) north of Tokyo, was hit by a massive earthquake and then a tsunami in quick succession on March 11.

Those start with a failure to plan for a tsunami that would overrun the 5.7-metre (19 ft) break wall at Fukushima and knock out back-up electric generators to four reactors, despite multiple forecasts from a government agency and operator Tokyo Electric Power Co's own scientists that such a risk was looming.

Rubble Comparison

Mon, 2011-05-30 00:53 — AlMac99

Japanese Economy Slides Into Recession

Sat, 2011-05-21 10:11 — Kathy Gilbeaux
The Associated Press - May 19, 2011

Japan's economy contracted sharply in the first quarter, veering back into recession as factory production and consumer spending wilted in the aftermath of March 11 earthquake and tsunami.

Real gross domestic product — a measure of the value of all goods and services produced domestically — shrank at an annualized rate of 3.7 per cent in the January-March period, the Cabinet Office said Thursday.

The result marks the second straight quarter that the world's No. 3 economy has lost steam and undershoots an annualized 2.3 per cent fall forecast in a Kyodo News agency survey.

While there is no universally accepted definition of a recession, many economists define it as two consecutive quarters of GDP contraction. Others consider the depth of economic decline as well as other measures like unemployment.

Martin Schulz, senior economist at Fujitsu Research Institute in Tokyo, said there is "no doubt" that recession has returned. More surprising is just how quickly the economy crumpled, he said.

The latest GDP report includes just 20 days following the disaster, but "the impact is huge," said Schulz, who had expected to see most of the economic fallout in the second quarter.

3 tril. yen eyed for quake budget

Wed, 2011-04-06 21:21 — JRees

The Yomiuri Shimbun

A supplementary budget the government and the Democratic Party of Japan are crafting for postquake reconstruction likely will total more than 3 trillion yen, sources said Wednesday.

The extra budget, the first for this fiscal year, would be used mainly for disposing of rubble and constructing temporary housing for survivors of the March 11 earthquake and tsunami.

The government and the ruling party have decided not to issue government bonds to finance the budget, the sources said.

Instead, they are considering using 2.5 trillion yen allocated to shoulder 50 percent of basic pension benefits and could revise policies from the DPJ's manifesto for the 2009 House of Representatives election, such as making expressways toll-free, according to the sources.

The government intends to enact the supplemental budget late this month or early next month after holding talks with opposition parties.

But some members in both the ruling and opposition camps have criticized the funding plans.

Initially, the government was considering an extra budget of more than 1 trillion yen, but later revised the amount upward in the face of the enormous damage to areas affected by the disaster.

Drug production stymied by quake

Wed, 2011-04-06 21:15 — JRees

The Yomiuri Shimbun
April 07

Production of various medicines at pharmaceutical factories in the Tohoku and northern Kanto regions is at a standstill because of damage caused by the March 11 earthquake and tsunami.

Pharmaceutical companies are trying to import medicines in case domestic supply falls short, and doctors have been asked to avoid issuing long-term prescriptions, to help stretch the limited stock of certain medicines.

One of the most serious shortages is of levothyroxine sodium, a hypothyroidism medicine. Aska Pharmaceutical Co. accounts for 98 percent of the domestic supply of Thyradin S, a branded version of levothyroxine sodium, but damage suffered by the company's factory in Iwaki, Fukushima Prefecture, has paralyzed operations there.

About 300,000 patients nationwide are believed to be taking Thyradin S, and a lack of the medicine will pose a direct risk to those patients' lives.

A number of professional associations, including Japanese Medical and Dental Practitioners for the Improvement of Medical Care, have asked the central government to support emergency imports of levothyroxine sodium.

Radioactivity in Sea Up 7.5 Million Times - Marine Life Contamination Well Beyond Japan Feared

Wed, 2011-04-06 15:53 — Kathy Gilbeaux

The Japan Times - by Kanako Takahara - April 5, 2011

Radioactive iodine-131 readings taken from seawater near the water intake of the Fukushima No. 1 nuclear plant's No. 2 reactor reached 7.5 million times the legal limit, Tokyo Electric Power Co. admitted Tuesday.

The sample that yielded the high reading was taken Saturday, before Tepco announced Monday it would start releasing radioactive water into the sea, and experts fear the contamination may spread well beyond Japan's shores to affect seafood overseas.

The unstoppable radioactive discharge into the Pacific has prompted experts to sound the alarm, as cesium, which has a much longer half-life than iodine, is expected to concentrate in the upper food chain.

According to Tepco, some 300,000 becquerels per sq. centimeter of radioactive iodine-131 was detected Saturday, while the amount of cesium-134 was 2 million times the maximum amount permitted and cesium-137 was 1.3 million times the amount allowable.

The amount of iodine-131 dropped to 79,000 becquerels per sq. centimeter Sunday but shot up again Monday to 200,000 becquerels, 5 million times the permissible amount.

News Media declared war against truth and against the victims of disaster

Thu, 2011-03-24 16:02 — AlMac99

People's lives are on the line, as there are efforts to rush aid to vulnerable members of society. Some aid is seriously delayed due to bogus stories about the radiation risks.

Public policy is expensive, especially when it comes to figuring out how to be better prepared against similar disasters.  I am also seeing how Japanese imports are being blocked at foreign borders, thanks to misinformation about radiation.

News media should endeavor to report the truth, to help the helpers who seek to get relief aid to the vulnerable.

But instead, the news media is on a science fiction fantasy trip, describing their worst nightmares as pure speculation. People on the USA west coast are tooling up to protect against radiation coming across the Pacific from Japan, and I have seen lots of lovely maps speculating the path of this radiation, but it is all a fiction.  The only radiation risk so far, is inside the evacuation zone, and trivial rainfall contamination, where Japan tracing where that happening.

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