Japan disaster on the world's most expensive set

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TOKYO - Japan's Government said the cost of the earthquake and tsunami that devastated the North-East $309 billion, so that it could reach the world's most expensive disasters on record.

The extensive damage to housing, roads, utilities and businesses in seven prefectures (States) a cabinet post resulted in losses between 16 trillion yen ($ 198 billion) and 25 trillion yen ($ 309 billion), estimate that Wednesday. Could the economic growth rate by 0.5 percent pull down this year.

The loss figure is significantly higher than other estimates. The World Bank said on Monday, damage could reach $235 billion. Investment bank Goldman Sachs had Quake estimated damage of about $200 billion.

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The Government projection is correct, it would top the overall losses of Hurricane Katrina to. 2005 Megastorm, the New Orleans and the surrounding region costs devastated $125 billion, according to the insurance information Institute.

Japan's estimate includes the impact of the power faults caused by damage to a nuclear power plant, so the final figure could be even higher. There is also potential global impact.

"Following the tragic events in Japan obviously the domestic economy will change", said Takuji Aida, an economist at UBS Securities Japan, in a report. "But Japan's position in the global economy is also some transmission of the shock to other parts of the world, so it must."

The 9.0 magnitude quake and tsunami devastated on 11 March, Japan's northern coast, killing thousands of people and triggering a crisis nuclear power plant. Tens of thousands of people living near the plant were evacuated.

Power utilities have imposed rationing, many factories are closed and most important railway lines are impassable.

Toyota Motor Corp., which has no 1 world's automakers, car since March 14 due to the difficulty of secure of components, including rubber parts and Electronics was discontinued. By Sunday, 140,000 cars reach his loss of production.

The company said Wednesday it the introduction of the Prius hybrid van in Japan, in parts supplies in delay.

Toyota spokesman Paul Nolasco said the automakers roll out of the Prius minivan in April initially planned. But the disaster has crippled suppliers and destroyed stores, force, Toyota, to move the start.

A further Cabinet Office economic report released Wednesday emphasises the new challenges for Japan, which last year was at the end on the road to recovery from a pause in growth.

"The economy is moving towards recovery, but its independence is weak," he said.

Story: Delay the launch after earthquake Toyota Prius minivan

Broad, the Japanese economy lackluster for two decades was not succeeding, weak growth between slowdowns deadlines. Lost its position as no. 2 of the world economy to China last year and is with a massive public debt, to 200 percent of GDP, the largest among the industrialized nations is gesattelt.

The Government plans reportedly, public money into banks to help to rebuild support loans as companies. It can, which are financed from a Fund of 11 trillion yen ($ 135 billion), to pass that after the 2008 is still available from Lehman Brothers collapse banks under a law on emergency support.

Tokyo is working on plans for low-interest loans of up to 10 trillion yen (122 billion dollars) to companies of Quake damage, recover news report.

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