Japan's earthquake-ignited nuclear crisis has gone from bad to worse.
Radiation levels at the Fukushima Daiichi nuclear plant rose today (Thursday) as attempts to cool the stricken reactor with high-pressure hoses failed. The No. 3 reactor's spent fuel rod pool is overheating and could release dangerous amounts of radiation into the atmosphere.
Sadly, the nation's death toll already has climbed above 5,300, with many more missing or in danger. And analysts now estimate that the direct monetary costs from Friday's 9.0 magnitude earthquake and tsunami will range from $160billion to $200billion.
Indeed, the early reports forecast that the disaster could trim the output of Japan's $5.39 trillion economy by half a percentage point - which would add another $25 billion to that tab.
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Japan Update: How to Proceed in the Wake of Japan's Tragedy
Economic Aftershocks of the Japan Earthquake
The 8.9 magnitude earthquake and resulting tsunami that hit northeastern Japan today (Friday) had an immediate impact on financial markets all over the world. However, the effects of the damage and rebuilding will reverberate through the Japanese economy for months, if not years.
In the immediate aftermath of the earthquake, which struck in midafternoon, factories shut down, railways stopped running and roads, ports and airports closed. Markets remained open, but a lack of power and a disruption of the mobile networks curtailed trading after the temblor struck.
Some of Japan's biggest companies were affected:
In the immediate aftermath of the earthquake, which struck in midafternoon, factories shut down, railways stopped running and roads, ports and airports closed. Markets remained open, but a lack of power and a disruption of the mobile networks curtailed trading after the temblor struck.
Some of Japan's biggest companies were affected:
- Nissan Motor Co., Ltd. (PINK: NSANY) halted production at four factories in the area hit.
- Toyota Motor Corporation (NYSE ADR: TM) closed two assembly plants and a parts factory.
- And Sony Corporation (NYSE ADR: SNE) closed six factories.
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