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Japanese opposition party will phase out nuclear power – Japan nuclear stocks down

Japan nuclear stocks down on opposition party’s phase-out plans, https://www.ft.com/content/1d201ea0-a9a9-3ead-b6e5-b430b59ccedc by Edward White Japanese nuclear power companies were losing ground on Friday after the opposition party affirmed its intention to phase out nuclear energy by 2030. Kansai Electric was the biggest loser, down 1.1 per cent, followed by Tokyo Electric, which was down 0.8 per cent. Kyushu Electric and Chugoku Electric Power lost 0.5 per cent and 0.3 per cent respectively.

That saw that utilities segment drop 0.6 per cent, dragging on the broader Topix index which was up 0.2 per cent in morning trading. Those same stocks had fallen around 5 per cent in late September in response to Tokyo governor Yuriko Koike, whose Party of Hope will challenge prime minister Shinzo Abe’s Liberal Democratic Party in the upcoming snap election, declaring her support for phasing out nuclear energy by 2030.

That anti-nuclear policy was listed as part of a campaign platform released on Friday by the Party of Hope. Fifty nuclear reactors were shut down in Japan after the 2011 Fukushima disaster. Despite public concern, Japan’s nuclear safety watchdog on Wednesday issued an initial approval to restart two reactors at Kashiwazaki-Kariwa, the world’s largest nuclear generating site.

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October 7, 2017 - Posted by | business and costs, Japan, politics

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