Japan economy, Toyota feel effects of disaster
Tokyo (AFP)- The impact of Japan's earthquake and nuclear crisis rippled through the economy Wednesday, when the government downgraded its outlook and Toyota announced temporary plant shutdowns overseas.
Another strong aftershock the northeast from 9.0-magnitude quake that struck the northeast coast over month ago hit the disaster region, further fraying nerves amid tense stop-and-go containment efforts at a stricken atomic plant.
Toyota, the world's largest auto maker, said parts shortages would force it to halt production for several days at five European plants over the next two months after announcing similar steps at most of its 14 North America plants.
The International Monetary Fund on Monday lowered its 2011 growth forecast for Japan- which has long battled sluggish demand, deflation, and high public debt- to 1.4 from 1.6 per cent, citing "large uncertainties".
Japan estimates rebuilding will cost up to 25 trillion yen ($295 billion).
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