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Monday, March 14, 2011

Supplies Run Short for Quake Survivors


Japan's quake-ravaged northern communities continued to be pinched by food and water shortages Monday, while even cities far from the damage experienced "aftershocks" as the effects from Friday's disaster rippled through the economy and markets.

Rescue workers struggled to bring supplies to thousands of residents of towns along the northeast coast, hardest hit by the 8.9-magnitude quake and tsunami on Friday. Survivors appeared on television, saying they didn't have power and were running out of food and water. People atop one building had written a huge Chinese character for "water" on the roof, so it could be seen by rescue helicopters.

The official death toll continued to climb, reaching around 1,800 by Monday afternoon. National broadcaster NHK reported that more than 450,000 people had moved to temporary shelters in the affected areas.

Miyoko Sugiyama, who lived a few blocks from the beach near the hard-hit city of Sendai, said she was happy to escape with her husband and 14-year-old dog. "There were 2,700 homes" in her neighborhood, she said. "Now there are only a few left."

Troubles continued to mount at the nuclear-power site in Fukushima Prefecture, where there was an explosion over the weekend. On Monday, an explosion occurred in the building housing a second reactor at the site, while the cooling system for a third reactor also failed, authorities said.

And in Tokyo, financial markets and commuters alike were pounded on the first working day after the quake.

Tokyo shares plunged, logging losses not seen since the first months of the global financial crisis. The Nikkei Stock Average closed at 9620.49, down 633.94 points or 6.2%—its sharpest single-day percentage loss since December 2008. The Topix index of all the Tokyo Stock Exchange First Section issues slid 68.55 points, or 7.5%, to 846.96, its heaviest loss since October 2008.

To prevent a cash crunch, the Bank of Japan injected a record 18 trillion yen (about $220 billion) into the short-term money markets and doubled the size of its asset-purchase program.

Confusion reigned at Tokyo Electric Power Company, which said it would conduct rolling outages during the day in order to conserve power, then reversed course at the last minute when it saw energy demand was lower than usual. But Tepco's plans caused Tokyo's train companies to drastically cut back service, leaving thousands of commuters without a way to get to work.

"I was really confused about both the power cuts and the train services," said Nobuyoshi Takashimaya, a 56 year old employee at an insurance firm in Tokyo. He said he had to walk one hour from home to reach his office because his train wasn't running.



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