“Nuclear Radiation threatens Japan and the World”

Blog Assignment 6

http://online.wsj.com/article/SB10001424052748704893604576199952421569210.html

http://online.wsj.com/article/SB10001424052748704662604576202341130872836.html?mod=WSJ_hp_MIDDLETopStories

Followed by the massive earthquake and tsunami in Japan, many have raised serious concerns about the nuclear radiation level in Fukushima, Japan. While this unpredictable disaster happened on Friday March 11, Japan has putting efforts to save the lives of the survivors; "The Japanese Red Cross Society is committed to rescue any victims, including those of nuclear radiation," JRCS spokesman Mutsuhiko Owaki said. The local media reports an estimate of about 2,800 people injured and missing. Though Japanese firefighters are engaged in relief operations, there are short with the number of rescuers. On top of the relief operations, Japanese firefighters are in the fear of nuclear radiation leaks.

Although the Japanese relief teams are fairly experienced in dealing with quake-related disasters, none anticipated having to deal with a radiation crisis. Because Japan is an island surrounded by both the Pacific Ocean and the Japan Sea, earthquakes and tsunamis are frequent occasions. However, this disaster has caused serious damages not only politically and economically; it will be a difficult challenge for Japan to recover from its losses.

Moreover, Japan's disrupted supply networks are causing concerns about component costs and product shortages that global technology companies may face; while Internet users in Hong Kong may experience slow Internet speeds for several weeks due to damaged underseas cables. About half of the existing cables running across the Pacific Ocean are damaged and "a lot of people are feeling a little bit of slowing down of Internet traffic going to the United States," said Bill Barney, chief executive of Hong Kong-based cable-network operator Pacnet. Not only the Internet speed is slowing down, but also communication services have showing some troubles.

The disaster has added more burdens on the shoulders of the Japanese government. In comparison to the major earthquake that occurred in Hanshin in 1992, economic recovery will not be as easier. Further foreign investments in the Japanese economy are necessary for economic recovery. In addition, Japan will face difficulties in increasing its national output and income under this circumstance. In other words, Japan will experience a negative growth due to cost-push inflation in the long-run; the increase in the import prices and commodity prices will lead to a decrease in the aggregate supply, causing inflation.

As a part of the Japan, I hope everyone will be safe and be rescued on time. Follow the Quake Live Blog on CNN to stay updated on the crisis!

http://news.blogs.cnn.com/2011/03/15/japan-quake-live-blog-fire-erupts-in-fourth-reactor-radiation-warning-issued/

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