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The massive earthquake that struck Japan will exact a massive economic toll estimated at between $14.5 billion and $34.6 billion, a leading risk-analysis firm said Sunday. However, the biggest effect on the world economy may yet come in further roiling oil prices that have already cast a pall on the global recovery, according to the Sydney Morning Herald newspaper. With several of Japan's oil-refining facilities and nuclear power plants shut down, the loss of substantial refining capacity in Japan may worsen petrol-price volatility – raising the possibility of even higher prices at the pump. An impact was felt on wholesale gas prices as well. According to the Guardian, UK wholesale gas prices rose by almost 4 percent after six of Japan's reactors were shut down, with electricity also up 2 percent. Many Japanese factories have shut down in the wake of the seismic activity, raising fears that South Korean export companies that depend on Japanese materials could suffer setbacks, according to the Korea Times. "Japan's quake is expected to have a limited impact on the local economy for now, but uncertainty remains very high. We need closer monitoring, given Japan's status as the world's third-largest economy and as South Korea's second-biggest trading partner," South Korean finance minister Yoon Jeung-hyun said. Agencies |
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