BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants latest news update,BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants;March 11 (Bloomberg) -- Japan’s central bank pledged to ensure financial stability after the strongest earthquake in at least a century forced Toyota Motor Corp. to shut some plants, knocked out oil refineries and sparked a plunge in stocks.
The magnitude 8.9 earthquake struck off the coast of Sendai, a city of 1 million in the northeast, unleashing a tsunami as high as 10 meters (33 feet) that engulfed towns along the coast. The Tohoku region, which includes Sendai, accounts for about 8 percent of the country’s gross domestic product, according to Macquarie Securities Ltd.BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants
The disaster may slow a recovery from a contraction in the fourth quarter as Prime Minister Naoto Kan struggles to convince credit rating companies he will get a grip on the world’s largest public-debt burden. While the Finance Ministry said it’s too soon to gauge the earthquake’s economic impact, the Nikkei 225 Stock Average dropped 1.7 percent and insurers Munich Re and Swiss Reinsurance Co. led declines in European trading.
“It’s early days,” Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London, said in an e-mailed note. “But the horrific events in Japan bear very close watching from a financial perspective, given the bloated problems in Japan’s public sector.”
The price of crude oil fell 3 percent to $99.66 per barrel. The temblor set ablaze a Cosmo Oil Co. refinery near Tokyo and closed at least three others, temporarily curbing demand for crude in Asia’s second-largest oil-consuming nation.
BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants
The magnitude 8.9 earthquake struck off the coast of Sendai, a city of 1 million in the northeast, unleashing a tsunami as high as 10 meters (33 feet) that engulfed towns along the coast. The Tohoku region, which includes Sendai, accounts for about 8 percent of the country’s gross domestic product, according to Macquarie Securities Ltd.BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants
The disaster may slow a recovery from a contraction in the fourth quarter as Prime Minister Naoto Kan struggles to convince credit rating companies he will get a grip on the world’s largest public-debt burden. While the Finance Ministry said it’s too soon to gauge the earthquake’s economic impact, the Nikkei 225 Stock Average dropped 1.7 percent and insurers Munich Re and Swiss Reinsurance Co. led declines in European trading.
“It’s early days,” Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London, said in an e-mailed note. “But the horrific events in Japan bear very close watching from a financial perspective, given the bloated problems in Japan’s public sector.”
The price of crude oil fell 3 percent to $99.66 per barrel. The temblor set ablaze a Cosmo Oil Co. refinery near Tokyo and closed at least three others, temporarily curbing demand for crude in Asia’s second-largest oil-consuming nation.
BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants
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