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Tsunami will cost Japan in excess of 100 billion pounds

London, Tue, 15 Mar 2011 ANI

London, Mar. 15 (ANI): The tsunami that hit northeast Japan last Friday is expected to be the world's most expensive natural disaster, with predictions that the repair bill will top 100 billion pounds.


Credit Suisse predicted Monday that the total cost of Friday's earthquake and tsunami would be at least 14 trillion yen (106 billion pounds).


According to The Telegraph, the disaster caused a 6.2 per cent drop in Japan's Nikkei share index, wiping 90 billion pounds off stocks and shares traded there. That in turn dragged share prices to a six-week low in many countries.


In Britain, the FTSE 100 index closed almost one per cent or 15 billion pounds down, while the Dow Jones suffered a similar slump in early trading.


Other experts suggested that the tragedy would at least hinder worldwide recovery from the economic downturn.


Japan is already struggling, with its national debt standing at twice national income and its economy shrinking in the last three months of 2010. (ANI)


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