Japan is till suffering from the earthquake and tsunami that struck its North-East coast on the 11th of March. The earthquake reached a world-record of 9 on the Richter Scale. The Japanese government are currently struggling to prevent a nuclear distaster with technicians working inside an evacuation zone in the Fukushima Daiichi plant, where they have attached power cables to all six reactors and started a pump at one of the reactors in an attempt to cool overheating of the nuclear fuel rods.
Provisional estimates released by the World Bank on the 17th of March accounted for 15,214 people either death or missing, nearly triple the figure of their 1995 earthquake. The economic damage resulting from the disaster is approximately 235 billion which is around 4% of GDP.
Fuelling concerns emerged last week as a result of the crisis, where world economy may suffer becasue of disrupted supplies to the auto and technology industries. Howeveer help was quickly prompted by the G7 group of rich nations to stailise the yen.
On a lighter note, billionaire investor Warren Buffett said the earthquake and tsunami were an "enormous blow" but should not prompt selling of Japanese shares. Instead, he called the events a "buying opportunity". He continued by saying that this disaster would not affect the economic future of Japan.
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