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Natural disasters have a greater impact on less economically developed countries than more economically developed countries
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The Great East Japan Earthquake's impact on the Japanese financial system
Introduction
Japan is located in an area where several tectonic plates meet. Earthquakes frequently strike the Japanese archipelago - minor tremors occur almost on a daily basis, while severe disasters - infrequently, yet they have had harsh consequences in terms of both direct and indirect impact on the economy, thus, on the financial system. Earthquakes are usually associated with devastation and losses, and Japan is no exception. However, Japan is still the third largest economy in the world measured by Gross Domestic Product (Ro, 2013).
The most disastrous earthquakes of the history in Japan of last 100 years took place in 1923, 1995 and 2011- the Great Kanto, the Kobe and the Great East Japan Earthquake (GEJE), respectively. According to Peter G. Zhang’s findings, The Great Kanto earthquake destroyed most of the Western Tokyo, which lead to an increase of inflation level amounting to 15 %, resulting from a serious shortage of goods in addition to an enormous government spending (Zhang, 1995). After the Kobe earthquake the Japanese economy slid into a long decline, except for the short period during which reconstruction spending provided a temporary boost (Hayashi, 2012). The Great East Japan Earthquake that hit the country roughly 3 years ago was the strongest quake ever recorded in Japan. Despite the fact that the post-disaster reconstruction phase cannot be considered to be over, the response to the quake is already widely debated.
The physical damage in the areas hit by the earthquake was enormous, but even though, the Japanese financial system, which is a critical infrastructure supporting people's lives and economic activity, consistently continu...
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...tabase Datastream. The extracted GDP data consists of quarterly gathered entries starting from 2006, quarter I to 2013, quarter III. The Nikkei 225 day-to-day values are extracted from January 2, 2006 until January 1, 2014.
The Nikkei 225 industry indices, calculated on a day-to-day basis, are exported from Datastream as well. The indexes are calculated with the same method as the main Nikkei 225 index, therefore no further adjustments are required.
Since the index is price-weighted, rather than value-weighted, the authors use the relative price change, rather than absolute change due to the difference in the size of each industry.
To compare the relative impact on the industries, the the following formula is used :
P1P1=(Pt1-Pt0)/Pt1)
The acquired data will be organised with MS Excel and the statistical software STATA will be used for regression analysis.
European economy. The Chinese economy was also impacted as exhibited in documents 5 and 7.
One reason Haiti and Japan had such different effects after the earthquakes is because of the difference in their economy. Haiti's
Japan has experienced great economy recovery after World War II, thanks to America’s financial assistance and the rapid development of heavy industry. It became the first Asian country that hosted Tokyo Olympics Games in 1964 and Osaka World Expo in 1970, reaching an average annual economic growth of more than 10 percent, becoming the world's second largest economy in 1970s and achieving 30 years of economic growth until the 1980s. Implicated by the appreciation of the Yen and low interest rate policy, however, Japan has underg...
The source which will be analyzed is the document “Japanese economic takeoff after 1945” compiled from books by John Dower, Bai Gao, Andrew Gordon, and Kenneth Pyle which gives detailed information of the economic increase after the Japanese atomic bombings in 1945. The origin of this source is valuable because multiple authors including Japanese historians were used when this was written
TOHOKU, Japan, Friday, Mar. 11 -Yesterday, a 9.0 magnitude Earthquake struck the east of Tohoku, Japan. The epicentre of the earthquake was located approximately 72 km east of Tohoku (38.3 degrees North latitude and 142.4 degrees East longitude), or 130 km east of Sendai as shown by the X in figure 3 below. The focus of the earthquake was 24.4 km under the epicentre. The earthquake therefore caused a tsunami due to the displacing of water above the Pacific Plate. The earthquake and tsunami together have caused approximately 20,000 deaths, 6152 injuries and 2500 people missing. Approximately 90% of these deaths were by drowning. Approximately 140,000 people have been displaced and over 500,000 buildings and structures have been destroyed or damaged. The early warning system of Japan stopped many bullet trains, and many residents received texted warnings of the earthquake and tsunami on their mobile phones giving them time to evacuate. Figures 1 and 2 show exactly how destructive the tsunami caused by the Tohoku Earthquake was.
In the following paper I will be examining the process of economic development in Japan. I begin with their history in the Meiji period and how that effected their great success in the postwar development. Then I will go through the different economic stages of economic development in postwar Japan. I will examine the high periods and low period in Japan economics, and the factors behind these shifts in development. Last I will give a conclusion and where I believe Japan economy will be in the future.
The Great Kanto Earthquake also known as the Tokyo-Yokohama Earthquake of 1923 hit the metropolitan area of Kanto on September 1st, 1923 around 11:58 pm. It was a 7.9 on the Richter magnitude scale, killing over one-hundred and forty thousand people due to its high magnitude and the time it happened. The earthquake struck around lunch time, when many Japanese people were at home cooking at their charcoal or gas fueled stoves. At the moment the earthquake hit, it knocked down buildings that caught flames from the stoves that fell over, enflaming the city. The fire was swept up and able to spread due to the gusts of wind that occurred for two days afterwards, resulting in firestorms. Charles Blauvelt experienced the ordeal of the fire describing the flames as “[covering] the whole city [as they] burned all day and night.” In addition to the firestorms and the earthquake itself, there was a shock because of all the fallen debris which triggered tsunamis to fill and flood Japanese cities. These tsunamis, that were about thirty feet tall, destroyed central Tokyo and immensely added to the death toll.
Earthquakes are common in both California and Japan and sometimes these areas are hit by large magnitude earthquakes that cause vast destruction. This is the case for both the 1994 Northridge Earthquake and the 1995 Great Hanshin-Awaji Earthquake (also commonly referred to as the Kobe Earthquake). Although both earthquakes were around a 6.0 magnitude and happened exactly one year apart from each other, they had very different impacts in terms of infrastructure, disruption of economy, health issues, and secondary hazards.
In this assignment I was asked to carry out a financial analysis of a proposal for the NOVA Corporation and to include analysis concerning the possible impact of a price change for their product in question. I was asked to consider several sales growth scenarios and expected to obtain the NPV of the project for over a five-year period. The model also needed to allow for measuring NPV as change in sales volume, price and labor cost occurred.
The country of Japan is an island nation, which is separated from Mainland Asia by the Sea of Japan. (“Facts about Japan”) On the west side it is surrounded by the Northern Pacific Ocean. It has no land boundaries. Japan has four main islands: Honshu, Hokkaido, Kyushu, and Shikoku. Seventy percent of Japan consists of mountains and volcanoes. (“Facts about Japan”) The climate in Japan is very tropical in the southern parts and much cooler in the northern parts. (“Facts about Japan”) Based on location, Japan is prone to typhoons and heavy snowfall in the north which can cause landslides and avalanches. (“Facts about Japan”) Japan is part of the Ring of Fire of the Pacific. (“Facts about Japan”) The ring of fire is where the earthquakes and volcanoes generally occur in the basin of the Pacific Ocean. (“Facts about Japan”) About 90 percent of the world’s earthquakes occur along the Ring of Fire. (“Facts about Japan”) Over a thousand earthquakes occur each year in Japan. (“Facts about Japan”) In March of 2011, Japan suffered one of the largest most powerful earthquakes to hit Honshu, Japan. (“Facts about Japan”) The earth...
While the early warning saved thousands of people, the Japan’s Meteorological Agency underestimated this earthquake as the subduction zone of Japan should not produce the magnitude 9.0 quake (Oskin, 2013a). The Tohoku Earthquake and its tsunami approximately killed 16 thousand people, injured 6 thousand people and around 3 thousand people were missing. Most people died from drowning. Around 300 thousand buildings, 4000 roads, 78 bridges, and many more were affected by the earthquake, tsunami, and fires from leaking oils and gas. Electricity, telecommunication, and railways were severely damaged. The debris of 25 million tons was generated and carried out to the sea by water (BBC News, 2012). The country’s authorities estimated more than 309 billion US dollars of damages. Landslides occurred in Miyagi and liquefaction in Chiba, Tokyo, Odaiba, and Urayasu (USGS, 2013). Furthermore, the tsunami destroyed protective tsunami seawalls. Approximately 217 square miles of Japan covered in water (Oskin,
The Japanese Economy & nbsp;& nbsp;& nbsp;& nbsp;& nbsp; The prewar economy of Japan was a Socialist economy and the country was ruled by an emperor up to WW2 and after WW2 it started to lean towards a mixed market economy until what it is today, although its government is Socialist it is leaning towards a mixed market economy. & nbsp; The Japanese economy is a mixed economy that leans towards market, it is like this because almost all businesses are run by private corporations or people. and that is the market of the economy. And the reason that they are thriving and are so competitive is because of the trade tariffs and quotas that the government has in place. These regulations include heavy taxes on some products.
The research analyses take into consideration the forecasting and trend of the market, therefore the researcher would have to look at the changes in the market.
The death toll climbs to over 10,000 and is still rising (Branigan 2). The disaster in Japan began without warning on Friday March 11, 2011 at 2:46pm with a 9.0 magnitude earthquake, the strongest ever recorded in the country (Fackler 3). A massive thirty-three foot high tsunami, generated by the earthquake, swept over lands in northern Japan, taking objects and debris with it. To make matters worse, the tsunami caused the cooling systems at several nuclear power plants to fail. The disaster in Japan was a tragic event, and it had a plethora of causes and effects.