nuclear-news

Northern Japan: bank problems as business clients fear radiation

“This is such a tragedy for the people of Fukushima, particularly our youth,” said Toyo System’s Shoji, who has two children. “Radioactive contamination has literally jeopardized the seeds and soil of our future growth.”

Nuclear Fear Snags Loan Push by Fukushima Banks as Clients Flee Radiation,  Bloomberg, By Shigeru Sato and Shingo Kawamoto – May 11, 2011  “……Daito and larger rivals in the prefecture, Toho Bank Ltd. (8346) and Fukushima Bank Ltd., are three of the worst five performers on Japan’s 83-member Topix Banks Index (TPNBNK) since the March 11 quake and tsunami. They are struggling to keep customers and prevent loans from souring……

“Radiation in Fukushima is making it so much harder for businesses and local banks, particularly those near the atomic power plant, to draw up future management plans,” said Ryoji Yoshizawa, a Tokyo-based director of financial institutions ratings at Standard & Poor’s. “That contrasts with businesses in other northern prefectures of Iwate and Miyagi, which might have seen lower radiation impacts.”

No-Entry Zone

Some companies are being forced to relocate after the government set a 20-kilometer no-entry zone around the reactors and told residents of some villages outside the area to evacuate by the end of May because radiation reached dangerous levels….

“This is such a tragedy for the people of Fukushima, particularly our youth,” said Toyo System’s Shoji, who has two children. “Radioactive contamination has literally jeopardized the seeds and soil of our future growth.”

Nuclear Fear Snags Loan Push by Fukushima Banks as Clients Flee Radiation – Bloomberg

May 12, 2011 - Posted by Christina Macpherson | - Fukushima 2011, business and costs, Japan