{"id":310951,"date":"2011-03-15T11:04:09","date_gmt":"2011-03-15T11:04:09","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/15\/markets-fall-on-japan-parts-fears\/"},"modified":"2011-03-15T11:04:09","modified_gmt":"2011-03-15T11:04:09","slug":"markets-fall-on-japan-parts-fears","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/15\/markets-fall-on-japan-parts-fears\/","title":{"rendered":"Markets fall on Japan parts fears"},"content":{"rendered":"<p><div readability=\"126.413065226\">\n        \t\t  <span><br \/>\n    <span>15 March 2011<\/span><br \/>\n<span>Last updated at <\/span><span>07:04 ET<\/span><br \/>\n<\/span><\/p>\n<p>        <a href=\"http:\/\/www.bbc.co.uk\/news\/business-12745796#story_continues_1\">Continue reading the main story<\/a><\/p>\n<p>\t<!-- S MD_WIDGET --><\/p>\n<p>\t<!-- E MD_WIDGET --><\/p>\n<p>European stock markets have fallen sharply amid fears that Japan&#8217;s earthquake may undermine supply chains for global manufacturers.<\/p>\n<p>The German Dax index led the way, down 5% at 1015 GMT, led by tech companies and carmakers which rely on Japanese suppliers for crucial parts.<\/p>\n<p>Companies linked to the nuclear energy industry were also badly hurt.<\/p>\n<p>Earlier on Tuesday, the Japanese market plunged again on fears of a meltdown at the Fukushima Daiichi nuclear plant.<\/p>\n<p>There have been reports of a fire and another explosion at the plant. <\/p>\n<p>Japan was hit by a massive earthquake and tsunami on Friday, causing billions of dollars of damage.<\/p>\n<p>The Nikkei 225 shed 10.6% on Tuesday to 8,605, and had been down 14% at one point, registering its biggest two-day drop in 40 years. The broader Topix index fell 9.5%.<\/p>\n<p>  <span>Chips supplies down<\/span><\/p>\n<p>Many companies have shut down production in Japan in order to conserve energy usage and minimise the impact of electricity shortages on households.<\/p>\n<p>The country is already subject to planned blackouts after electricity supply and distribution were shattered by the magnitude 9 earthquake and tsunami.<\/p>\n<div readability=\"23.9018691589\">\n\t<a href=\"http:\/\/www.bbc.co.uk\/news\/business-12745796#story_continues_2\">Continue reading the main story<\/a>\t\t<!-- pullout-items--><\/p>\n<h2>\u201c<span>Start Quote<\/span><\/h2>\n<blockquote readability=\"5\">\n<p>There cannot be total insulation elsewhere from the sheer size of the market movements in Japan\u201d<\/p>\n<\/blockquote>\n<p><span>End Quote<\/span><\/p>\n<p>\t<!-- pullout-body--><\/p>\n<p>\t<!-- pullout-links-->\n\t\t<\/div>\n<p>Those shutdowns now threaten to disrupt manufacturing elsewhere in the world.<\/p>\n<p>Japan is a dominant player in the microchip market, supplying about 20% of global semiconductors and 40% of flash memory chips.<\/p>\n<p>&#8220;While there are few reports of actual damage at electronic facilities, impacts on the transportation and power infrastructure will result in disruptions of supply, resulting in short supply and rising prices,&#8221; said research firm IHS iSuppli.<\/p>\n<p>Prices for NAND flash chips &#8211; critical for smartphones and tablet computers &#8211; rose another 3% on Tuesday, following a 20% jump on Monday.<\/p>\n<p>Fears of a knock-on impact on Western tech companies was evident, with Germany&#8217;s Infineon down 7.5% on Tuesday morning, leading the Dax index lower.<\/p>\n<p>  <span>Economic impact<\/span><\/p>\n<p>Concerns about the impact of the devastation on Japan&#8217;s economy have been rising as the extent of devastation becomes clear. <\/p>\n<p>The blasts at the nuclear plant and the threat of a radiation leak have further escalated those fears. <\/p>\n<p>A nuclear disaster would make the task of rebuilding and reconstruction far more difficult and costly.<\/p>\n<p>According to some estimates, the devastation caused by Friday&#8217;s deadly earthquake and subsequent tsunami is expected to cost Japan $180bn (\u00a3111bn) in reconstruction and recovery. <\/p>\n<p>  <!--  Embedding the video player --><br \/>\n<!--  This is the embedded player component --><\/p>\n<div readability=\"33\">\n<div>\n<div readability=\"7\">\n                                <img decoding=\"async\" class=\"holding\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/37744e156437_de41-1.jpg.jpg\" alt=\"Benjamin Sovacool\" \/><\/p>\n<p><strong>Please turn on JavaScript.<\/strong> Media requires JavaScript to play.<\/p>\n<\/p><\/div>\n<p>        <!-- embedding script --><\/p><\/div>\n<p>            <!-- companion banner --> <\/p>\n<p>\t\t\t<!-- END - companion banner --><!-- caption --><\/p>\n<p>Power industry expert Benjamin Sovacool tells Asia Business Report that nuclear power is too expensive<\/p>\n<p>\t\t<!-- END - caption -->\n        <\/div>\n<p><!-- end of the embedded player component --><\/p>\n<p><!-- Player embedded -->      <\/p>\n<p>That is 50% higher than the cost of rebuilding after the 1995 earthquake in Kobe. <\/p>\n<p>There are concerns that the increasing cost of rebuilding will add further to Japan&#8217;s debt mountain. Japan has the highest public-debt levels in the industrialised world.<\/p>\n<p>Last month, the country&#8217;s debt rating was downgraded on concerns that it was not doing enough to address the issue. <\/p>\n<p>At the same time, analysts have forecast that the quake could knock as much as one percentage point off Japan&#8217;s gross domestic product.<\/p>\n<p>  <span>Currency issues<\/span><\/p>\n<div readability=\"14.388185654\">\n\t<a href=\"http:\/\/www.bbc.co.uk\/news\/business-12745796#story_continues_3\">Continue reading the main story<\/a>\t<\/p>\n<h2>\u201c<span>Start Quote<\/span><\/h2>\n<p>\t\t<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/67610822677923_noda.jpg.jpg\" width=\"144\" height=\"81\" alt=\"Yoshihiko Noda\" \/><\/p>\n<blockquote readability=\"5\">\n<p>We will continue to monitor the market\u201d<\/p>\n<\/blockquote>\n<p><span>End Quote<\/span><br \/>\n\t<span>Yoshihiko Noda<\/span><br \/>\n\t<span>Japan&#8217;s Finance Minister<\/span><\/p><\/div>\n<p>The devastation is also affecting the price of the Japanese currency. <\/p>\n<p>The yen is gaining in strength as Japanese firms, including insurance companies, buy back their home currency in order to fund the country&#8217;s reconstruction.<\/p>\n<p>The Japanese currency strengthened to 81.40 yen against the US dollar before settling back to near 81.65.<\/p>\n<p>A stronger yen is detrimental for the export-dependent economy as it not only makes its products more expensive, but also eats into the profits of Japanese companies when they repatriate their foreign earnings back home. <\/p>\n<p>Japan&#8217;s finance minister said on Tuesday that he would monitor currency market moves. <\/p>\n<p>However, Yoshihiko Noda would not confirm or deny that there had been intervention in the currency market.<\/p>\n<p>&#8220;We will continue to monitor the market,&#8221; Mr Noda said. <\/p>\n<p>Analysts said there were signs that the central bank may have intervened in the market after the US dollar strengthened suddenly on Tuesday. <\/p>\n<\/p><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/37744e156437_de41-1.jpg-150x150.jpg\" \/><\/p>\n<p>Read the rest here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12745796\" title=\"Markets fall on Japan parts fears\" rel=\"noopener noreferrer\">Markets fall on Japan parts fears<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 15 March 2011 Last updated at 07:04 ET Continue reading the main story European stock markets have fallen sharply amid fears that Japan&#8217;s earthquake may undermine supply chains for global manufacturers. The German Dax index led the way, down 5% at 1015 GMT, led by tech companies and carmakers which rely on Japanese suppliers for crucial parts. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-310951","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Markets fall on Japan parts fears - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/15\/markets-fall-on-japan-parts-fears\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Markets fall on Japan parts fears - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"15 March 2011 Last updated at 07:04 ET Continue reading the main story European stock markets have fallen sharply amid fears that Japan&#039;s earthquake may undermine supply chains for global manufacturers. 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