The Japanese economy paralyzed after the earthquake
Damage to property, sluggish industrial activity, actions that plunge: three days after the earthquake, Japan, which counts its deaths and fears a nuclear disaster, also sees its economy paralyzed.
"The earthquake is expected to have a considerable impact on economic activities in a large number of sectors," Japanese government spokesman Yukio Edano warned. The magnitude 8,9 earthquake and the tsunami that followed it devastated the Pacific coast of the Tohoku region (northeast), which accounts for 8% of the gross domestic product (GDP) of the third economy. of the world. The Kanto region, further south, which includes the megalopolis of Tokyo and accounts for 40% of the GDP, has also been affected, sometimes dramatically as in Ichihara, where an oil refinery owned by Cosmo Oil has partially burned down.
To support the economy and stabilize the markets, the Bank of Japan paid, on Monday 14 March, 15 000 billion yen (131,6 billion euros) to thirteen banks in the stricken areas, three injections of massive funds. The economic situation remains very worrying.
* Damage
The cost of the earthquake for insurance could reach 34,6 billion (25 billion), according to an initial estimate released Sunday by AIR Worldwide, risk assessment specialist.
The US company estimates the damage of private property covered by insurance between 14,5 and 34,6 billion, but points out that many field observations are still unavailable, which could lead to refining these estimates later.
* Electricity generation at half mast
Japan's nuclear industry, which accounts for between 25% and 30% of the national electricity production, is experiencing the most serious crisis in its history since the three explosions at the Fukushima power plant (North-East), disrupted by the violence of the earthquake.
In total, eleven of the fifty nuclear reactors in Japan, located in the most affected areas, have been shut down, and the Minister of Industry called on companies to reduce their consumption "to the strict minimum" in order to save resources. . He added that the authorities would carry out targeted and rotational power cuts to avoid a "blackout".
* Many companies shut down
Many companies have announced that their factories will remain closed at least Monday throughout the country. Leading automakers - Toyota, Nissan, Honda, Mitsubishi Motors and Suzuki - have specifically announced the suspension of all their production in factories located in the earthquake-affected areas, but also in other sites in the country. These companies are in fact in a just-in-time situation, and a supply disruption on the part of a supplier can prevent an assembly plant from functioning.
* Diving markets
Asia-Pacific stock markets were shaken Monday, especially the Tokyo Stock Exchange, which plummeted more than 6% after the mid-day break. The action of the Japanese electricity company Tokyo Electric Power (TEPCO), which operates nuclear plants stopped and damaged since the earthquake on Friday, has lost 23,57%. Japanese automakers also plunged, the action of the world's largest automaker, Toyota, falling from 10,43% to 3 220 yen (28,45 euros), that of its competitor Nissan from 10,77% to 712 yen (6,3 euros), and that of Honda from 7,70% to 255 yen (2,25 euros).
Oil prices were also trending down on Monday in electronic trading in Asia, the market worried about a decline in demand in the short term from Japan. A barrel of light sweet crude oil for delivery in April fell 1,28 dollars to 99,88 dollars. That of North Sea brent for April delivery fell $ 1,39 to $ 112,45.
Source: http://www.lemonde.fr/economie/article/ ... _3234.html
This also raises the debate on the relevance of the GDP index which does not take into account natural disasters ... or destruction of material goods!
GDP only counts the added values of economic activity, and therefore of the positive.
So a burnt car, replaced by another, is positive for the GDP.
The only case where the GDP can be impacted is during major catastrophes that lead to a real slowdown of the economy (stop factories, no transport ...) exactly as what happens in Japan.
But the fact is that, as for the burnt car, the GDP will be "boosted" by the reconstruction ... while we end up, at best and the reconstruction done, we end up with a level of wealth equivalent to that of before the disaster ... not to mention the dead and injured (physical and moral) ...
All this GDP (so most economists and politics) it bumps !! As long as the companies charge ...
Lire: https://www.econologie.com/pib-developpe ... -3483.html
https://www.econologie.com/forums/pib-croiss ... t4046.html
There are alternatives like the HDI: Human Development Index ... http://fr.wikipedia.org/wiki/Indice_de_ ... ent_humain
ps: I thought that electricity in Japan was more nuclear than that ... their overall consumption must be 2 3 times higher than that of France. Well it is also normal there are also 130 million, so double of us!
but admit anyway that 8% for a few weeks ...
They treated me like a thug ... 