Japan’s government said the cost of the earthquake and tsunami that devastated the country’s northeast this month could reach US$309 billion.
The extensive damage to housing, infrastructure and businesses could total between ¥16 trillion (US$198.11) and ¥25 trillion, according to a Cabinet Office estimate yesterday.
That figure is considerably higher than other estimates. The World Bank on Monday said damage might reach US$235 billion.
Photo: AFP
Investment bank Goldman Sachs had estimated quake damage of as much as US$200 billion.
As utilities have imposed power rationing, many factories remain closed and key rail lines are impassable.
Yesterday, Toyota spokesman Paul Nolasco said the automaker initially planned to roll out the Prius minivan next month. However, the disaster has crippled suppliers and destroyed shops, forcing Toyota to postpone the launch.
The company has halted auto production since March 14 because of difficulty securing components, including rubber parts and electronics. By Sunday, its lost production will reach 140,000 cars.
The government reportedly plans to inject public money into banks to help support lending as companies rebuild. It may finance that from a fund of ¥11 trillion that is still available under a law on emergency support to banks passed after the 2008 collapse of Lehman Brothers.
Tokyo is also working on plans to provide low interest loans of up to ¥10 trillion to help companies recover from quake damage, according to a news report.
Meanwhile, Japanese banks and trust groups will provide about ¥2 trillion to troubled Tokyo Electric Power Co (TEPCO) this month to help cover costs for repairing its power plants, reports said.
Three major banking groups — Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial — as well as Sumitomo Trust & Banking and Chuo Mitsui Trust and Banking decided yesterday to offer financing, Jiji Press said.
Sumitomo Mitsui Banking will provide about ¥600 billion and Mizuho Financial roughly ¥500 billion, with the three others each providing several hundred billion yen, Jiji said. TEPCO needs cash to boost electricity supply and carry out repairs at plants hit by the biggest earthquake ever recorded in Japan, which triggered a crisis at the firm’s Fukushima Dai-ichi nuclear plant that has yet to be resolved.
The utility had traditionally procured funds mostly through issuing corporate bonds, but this time it has opted for bank loans after its credit rating was downgraded by both Moody’s and Standard & Poor’s.
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