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Quakes slow Japan's economic recovery

03-15-2011 09:18 BJT Special Report:9.0 Magnitude Earthquake Rocks Japan |

On the first working day since Friday's devastating earthquake, Japan has started to count the financial cost of its worst catastrophe since World War Two. The insurance cost of the quake, which hammered the country's northeast coastline, could reach 35 billion U.S. dollars, even before the tsunami is taken into account. That's according to risk modelling company AIR Worldwide.

It's nearly as much as the global catastrophe toll on the insurance industry in 2010. A swathe of top-name Japanese manufacturers, including Sony, Toyota and Panasonic have shut down production lines, with restart efforts hampered by quake aftershocks. And then there's the worsening debt situation, Japan's political leaders are pushing for an emergency budget. This comes at a time when the government is already fiscally constrained by a public debt twice the size of the economy, the biggest among advanced economies.

And of course, there's also the industrial chain reaction. The temblor in Japan, a leading producer of electronics, will undoubtedly cause disruption in the global supply of electronic goods.

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Editor:Xiong Qu |Source: CNTV.CN

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