Three quarters of Japanese companies have been hurt by a string of natural disas...
TOKYO - Three quarters of Japanese companies have been hurt by a string of natural disasters over the past two years, suffering damage to factories, office buildings, distribution networks and supply chains, a Reuters survey found.
Last month, Typhoon Hagibis caused 71 rivers to burst 140 levees over vast areas in eastern Japan, following massive floods and power outages from Typhoon Faxai in September. A year ago, Typhoon Jebi battered western Japan, killing at least 13 people and snarling operations at the area’s biggest international airport.
East Japan Railway Co will have to scrap eight of its roughly 30 Shinkansen “bullet trains” on its Hokuriku line that were flooded in a depot by Hagibis, at a cost of about $100 million, a spokesman said. Nippon Steel Corp last week slashed its annual forecast for consolidated business profit by one-third to some $900 million, citing such factors as suspended operations due to Faxai.
“The bulk of Japan’s infrastructure was rapidly developed in the 1960s and ‘70s, so large-scale restoration is called for,” a manager at an electric-machinery maker responded in the Reuters Corporate Survey. Most of the firms do not have plans to guard against natural disasters, though one-third are considering diversifying supply chains, production and logistics bases.
Abe on Friday ordered his cabinet to compile a package of stimulus measures to support the economy and build infrastructure to cope with large natural disasters, with additional spending in an extra budget at the end of the year.
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