Billions lost, as quake-hit regions pick up the pieces

2011-03-14 07:39

Tokyo – Economic losses in the regions of Japan that were hit by a massive earthquake will reach around 14 trillion yen to ¥15 trillion (R1.2 trillion) based on information available today, Credit Suisse said in a research note.

Credit Suisse chief economist Hiromichi Shirakawa said economic losses from the quake-hit region of northeastern Japan would likely be “slightly less than 40%” of the ¥40 trillion in total economic losses seen from the Kobe earthquake in 1995.

Shirakawa said losses from the quake on Friday would likely be smaller due to the lower number of office buildings, commercial facilities and highways in the affected regions.

He also said there had been no reports of big collapses of major manufacturing facilities.

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