Stock markets in Japan closed down again. Blame being put on the increase in the Yen’s value. Bank of Japan injected more cash, for the 4th day. Japanese investors are becoming disheartened with what seems like futile efforts to stop a nuclear disaster. It is predicted that trading in Japanese stock markets will become more volatile in the days to come. There are signs that Japanese authorities will intervene in the currency market.
There have been reports of many people trying to get away from Japan’s disaster area. But, there are others who’re trying to get to the disaster area, volunteers.
Japanese are volunteering to help clean up the quake/tsunami stricken areas. Also, many Japanese small businesses are helping out as well. A Japanese ski resort is giving all its rental ski wear to survivors who are stuck in shelters, many of which are low on heating oil. Outside temperatures are freezing in northern Honshu.
Local governments are frustrated by the national government response. Not only are local governments dealing with the aftermath of the quake/tsunami, they are also struggling to find ways to deal with the nuclear disaster.
The U.S. dollar has fallen in value against the Japanese Yen. This is because Japanese government and corporations are cashing in their chips. They are cashing in the foreign bonds they hold, in order to raise cash to help deal with the disasters. Corporations, including insurance companies which expect pay out huge claims, are trying to acquire as much Japanese Yen as they can. This is called “repatriation” in the financial markets.
The Bank of Japan will take advantage of the rising value of the Yen, by selling Yen to foreign buyers in order to bring in foreign cash to the national bank.
Japan has been one of the most prolific buyers of U.S. debt, in the form of U.S. bonds. Japan itself is in huge debt, but until now was able to continue buying U.S. bonds, helping the U.S. government. The disasters have forced Japan to sell back bonds in order to raise cash to help deal with ongoing crisis, and for rebuilding. Japanese corporations have to raise cash due to the fact that most factories have shut down, which means they’re not making anything to sell. So Japanese corporations have to sell the foreign bonds they hold.
This is the beginning of a possible economic dominoes affect on the World Economy.
The Japanese government now says the official number of dead has hit 13,000.
This number will increase, as local prefectures are giving numbers that, taken together, are more than the official national government count. Also, there are still tens of thousand missing, according to local governments.
After watching interviews of tsunami survivors it has become clear that there was very little time between the 9.0 quake and the first tsunami surge.
Most survivors say there was less than 15 minutes from the time of the quake to the tsunami impact. An environmental activist from the United States, Brian Barnes, says where he was it was less than 7 minutes. He says most of the people of Otsuchi, where he was, died. The city is wiped out. Barnes survived because he immediately drove to higher ground after the quake, with the tsunami showing up after he got to the top of the hill.
Most survivors say any emergency preparedness training they underwent in the past, did not prepare them for this.
Japanese Red Cross Society www.jrc.or.jp/english/index.html
A volunteer fire chief in one of the towns hit by the tsunami, says he regrets doing his job. He and others had gone to re-enforce a sea wall, which proved futile.
When he returned home he found that his wife and children had been swept away by the tsunami.
Reuters reporting that several foreign companies, operating in Japan, have started evacuating employees to the southern part of Japan.
Companies with evacuations underway are; German technology companies SAP and Infineon, German tire and auto parts maker Continental, and French car maker Peugeot.
Boeing has suspended business travel in Japan.
Companies standing by with evacuation plans are; Volvo and several European banks.
IBM and CISCO Systems say their operations have not been affected and have no plans to evacuate.
NHK restating emergency quake warning. Reporters say they can feel tremors.
NHK listing numerous cities that have been hit with quakes registering between 4 & 6 on the Japanese quake scale. So far no tsunami warnings.
East coast of Chiba, magnitude 6, depth 10km. Chiba Prefecture near Tokyo.
NHK reporting that the Japanese government is warning of strong earthquakes. Asking people to prepare. They named at least 4 prefectures including Chiba.