InsideJapan News Network
Wednesday,
23rd
March
2011
In Business In Japan,
In Business In Japan,
Quake rebuild to cost 25 trillion yen, Bank says
The cost of the rebuilding effort following the March 11th earthquake could top 25 trillion yen, the Bank of Japan has said.
This figure is much higher than the 20 trillion yen originally estimated, and more than four times the amount that Hurricane Katrina is estimated to have cost the US government.
However, overseas investors could be keen to get involved after Warren Buffet claimed that the situation was a business "opportunity".
Despite cancelling a trip to visit the region, the billionaire investor said that Japan's long-term economic future would not be changed by the earthquake and tsunami.
"If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so," he said.
On the currency markets today, the yen remained stable against the dollar, with a marginal 0.02 per cent gain recorded by Bloomberg.
The Japanese currency has been propped up by the national Bank, which has added emergency cash every business day since the quake.
Written by Mark Smith
Related news stories:
Bank of Japan launches 500 billion yen investment (14th June 2011)
Bank of Japan to 'sit tight' on interest rates (3rd September 2008)
Japan bank files for bankruptcy (13th September 2010)
Japan banks scrap merger (14th May 2010)
This figure is much higher than the 20 trillion yen originally estimated, and more than four times the amount that Hurricane Katrina is estimated to have cost the US government.
However, overseas investors could be keen to get involved after Warren Buffet claimed that the situation was a business "opportunity".
Despite cancelling a trip to visit the region, the billionaire investor said that Japan's long-term economic future would not be changed by the earthquake and tsunami.
"If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so," he said.
On the currency markets today, the yen remained stable against the dollar, with a marginal 0.02 per cent gain recorded by Bloomberg.
The Japanese currency has been propped up by the national Bank, which has added emergency cash every business day since the quake.
Written by Mark Smith
Related news stories:
Bank of Japan launches 500 billion yen investment (14th June 2011)
Bank of Japan to 'sit tight' on interest rates (3rd September 2008)
Japan bank files for bankruptcy (13th September 2010)
Japan banks scrap merger (14th May 2010)
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