MID-DAY UPDATE: How Japan will change the global economy
Tokyo’s Nikkei was down 6 percent. The biggest drop since the financial crisis. Toyota says its plants will be shut down this week. Sony and Nissan have similar plans at some its plants as well. Japan has injected nearly $200 billion into the economy to provide liquidity and stabilize the shaky financial system.
The price of oil has plummeted — on worries that Japan will use less energy for a while. A barrel of U.S. crude now costs less than $100.
When you add it all up the Japan quake could cost insurers nearly $35 billion — $171 billion if you total clean up and the economic losses.
Switzerland this morning said it’s gonna suspend its plans to build new nuclear plants. In the U.S., Democratic Congressman Ed Markey is calling for a similar moratorium.
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