Latest News

Wednesday, 23rd March 2011
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:
Japanese banks to boost ATM availability for tourists (17th March 2015)
Fukushima avoids tsunami after 7.4-magnitude quake (22nd November 2016)
Third earthquake strikes Japan in a week (21st April 2016)
Quake measuring 6.1 strikes northern Japan (4th December 2008)