Japanese stocks rebounding after quake

Japan’s Nikkei 225 index gained 6% in early trading on Wednesday. On Monday and Tuesday, the index dropped more than 16%, its biggest two-day fall in 23 years. Investors are optimistic about a recovery in the Japanese economy despite reports of another fire at the Fukushima Daiichi nuclear plant.

In support of markets Japan's central bank injected billions of dollars into financial markets for a third day to ease the impact of last week's quake. The Bank of Japan injected 3.5 trillion yen (43 billion USD) into markets on Wednesday following on Monday and Tuesday injections totalling 23 trillion yen (283 billion USD).

Friday's magnitude-9.0 earthquake and tsunami caused crippling problems at nuclear power plants which persist but these are some of the primary losses and damages: The death toll is expected to exceed 10,000, with north-Eastern prefectures of Miyagi, Iwate and Fukushima most severely hit. At least 3,570 people were confirmed dead, but 7,558 people are still missing, according to Japan's NHK public broadcaster.

More than 440,000 people have been evacuated, NHK says. Hundreds of people are waiting for help in isolated areas and have no access to food. About 850,000 households in the north are still without electricity in near-freezing weather, Tohuku Electric Power Co. says. The government says at least 1.5 million households lack running water.

Source: Merco Press