Wednesday, April 13, 2011

Disaster batters Japan's economy: Country downgrades its own economic outlook

Japan has lowered its assessment of the country's economy for the first time in six months, as it begins to quantify the tremendous toll twin disasters have brought to the island nation.

Japan's cabinet office blamed last month's tsunami and earthquake for the downgrade, saying it has placed serious pressures on exports, production and consumption.

The government's assessment came out the same day that police announced a rise in the death toll.

The death toll rose to 13,333 and 15,150 were missing, Japan's National Police said Wednesday. (read more)