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Tokyo: A monster earthquake-cum-tsunami, followed by spiralling nuclear radiation, and now, the looming threat of an exodus out of Japan. France on Wednesday became the first country to sound the alarm, saying Japan was losing control of the situation at the Fukushima nuclear power plant and there was no reason for optimism. As multinational corporations readied evacuation plans and China and India began special flights to bring back nationals who wished to return, France
forcefully urged its nationals in Tokyo to leave the country or head to southern Japan to escape risk of radiation.
L&T Infotech on Wednesday became the latest Indian IT company to announce it's evacuating its 185 employees and their employees. And the Indian government began facilitating the return of its nationals even as it stressed there was no need for pulling out yet. Air India will operate a daily special flight for the next four days from Tokyo to Delhi for those willing to pay for their way out. India's ambassador to Japan Alok Prasad said the 25,000-strong community was in and around Tokyo; around 30 who had been stranded in worst-hit Sendai city had been brought to Tokyo.
ECONOMIC AFTERSHOCKS
The economic toll on Japan is set to be the heaviest ever at an estimated $184 billion (Rs 8.3 lakh crore) and counting, surpassing Katrina's $125 billion. Insurance claims for life and possibly for non-life could also be the highest in history
Sectors likely to be hit include electronics, automobiles & steel but impact may be temporary Bank of Japan injected another $62bn on Wednesday to calm markets. Has pumped in $347 bn this week Stock markets recover, with Nikkei rising 6%, the first gain in five trading sessions; gain led by autos $626 bn lost in Nikkei's worst 2-day rout since the 1987 crash on Monday and Tuesday Yen against dollar highest since 1995 breaching 80, as Japanese firms repatriated funds to avert a crisis Economy likely to slow down in first half of 2011, but reconstruction–driven recovery seen in second half ADB warns of brief recession in Japanese economy France calls meeting of G7 to respond to the crisis, mentioning possible purchases of Japanese debt
INDIA IMPACT Limited effect seen. Yen loan cost may go up Insurance premium for companies such as ONGC likely to rise
Japanese aid may see temporary slowdown Japanese-funded infrastructure projects likely to be affected temporarily
forcefully urged its nationals in Tokyo to leave the country or head to southern Japan to escape risk of radiation.
L&T Infotech on Wednesday became the latest Indian IT company to announce it's evacuating its 185 employees and their employees. And the Indian government began facilitating the return of its nationals even as it stressed there was no need for pulling out yet. Air India will operate a daily special flight for the next four days from Tokyo to Delhi for those willing to pay for their way out. India's ambassador to Japan Alok Prasad said the 25,000-strong community was in and around Tokyo; around 30 who had been stranded in worst-hit Sendai city had been brought to Tokyo.
ECONOMIC AFTERSHOCKS
The economic toll on Japan is set to be the heaviest ever at an estimated $184 billion (Rs 8.3 lakh crore) and counting, surpassing Katrina's $125 billion. Insurance claims for life and possibly for non-life could also be the highest in history
Sectors likely to be hit include electronics, automobiles & steel but impact may be temporary Bank of Japan injected another $62bn on Wednesday to calm markets. Has pumped in $347 bn this week Stock markets recover, with Nikkei rising 6%, the first gain in five trading sessions; gain led by autos $626 bn lost in Nikkei's worst 2-day rout since the 1987 crash on Monday and Tuesday Yen against dollar highest since 1995 breaching 80, as Japanese firms repatriated funds to avert a crisis Economy likely to slow down in first half of 2011, but reconstruction–driven recovery seen in second half ADB warns of brief recession in Japanese economy France calls meeting of G7 to respond to the crisis, mentioning possible purchases of Japanese debt
INDIA IMPACT Limited effect seen. Yen loan cost may go up Insurance premium for companies such as ONGC likely to rise
Japanese aid may see temporary slowdown Japanese-funded infrastructure projects likely to be affected temporarily
TEARS AND FEARS: A girl is tested for radiation in Koriyama, northern Japan, on Wednesday
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