Kansai Electric News
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Updated 1 hour, 15 minutes ago
Tokyo Electric Power Co. found unsafe levels of radioactivity in groundwater at its crippled Fukushima station, even as Japan’s nuclear regulator set the clock ticking on the restart of the nation’s idled reactors.
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Japanese shares closed higher, after swinging between gains and losses most of the day, as volume remained below the 30-day average and the yen traded above 95 to the U.S. dollar ahead of a Federal Reserve Policy meeting.
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Tokyo Electric Power Co. executives spent dozens of meetings fretting about the company’s future as hundreds of younger employees quit over salary cuts after Fukushima, according to minutes obtained by Bloomberg News.
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Nuclear utilities thrust into the spotlight after the Fukushima meltdowns have ordered 20 reactors shut, the most in a three-year span since Chernobyl’s aftermath, saddling the industry with a possible $26 billion in costs.
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Uranium is set to rebound from its worst slump in seven years as Japan, once the world’s third- biggest nuclear-power producer, starts reactors after safety requirements are put into effect next month.
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Japan’s Topix index pared losses at the close after earlier falling as the yen surged overnight. Carmakers, developers and paper companies declined while power producers increased.
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Shinzo Abe’s pledge to spur 30 trillion yen ($302 billion) of investment in Japan’s electricity industry opens the way for a surge in clean energy projects at the expense of traditional utilities.
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Everybody knows that Japan has an energy crisis. We also know that the yen has greatly depreciated, by some 20 percent in just a few weeks. It’s time to put these two facts together.
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Asian stocks slid, with the regional benchmark index’s heading for its first monthly decline since October, as a drop in Japanese shipping lines limited a rebound in the nation’s shares and utilities slumped.
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Japan paid a record for liquefied natural gas in April as a government pledge to boost monetary stimulus weakened the nation’s currency, increasing the price of imports of the fuel.
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