Japan News

Japan on Wednesday restarted its first nuclear reactor since the Fukushima disaster in March, in a boost to its beleaguered atomic power industry faced with a deeply sceptical public.

Power began flowing from the Genkai nuclear power plant reactor in the south of Japan, Kyushu Electric Power said, less than a month after the facility automatically shut down following a safety alert.

The most salient feature of the Olympus scandal, which forced Chairman Tsuyoshi Kikukawa to resign yesterday, is that it never would have become a scandal at all if the company hadn’t hired a foreigner as CEO. Michael Woodford, a 30-year veteran of the company, was fired on Oct. 14 after he started asking questions about $1.3 billion in acquisition writedowns and advisory fees. According to a company spokesman, there were “major differences in management style and direction.”

Alarmed by recent discoveries of radioactive “hot spots” in Tokyo and other areas far from the troubled Fukushima Daiichi nuclear plant, Japan will soon issue guidelines to help citizens and local officials detect contaminated areas and clean them safely, a government minister said. More >

Japan’s core machinery orders jumped 11 percent in August, scoring their biggest gain in a year in a sign that a post-quake recovery continued to buttress the world’s No. 3 economy in the face of a global slowdown and a
strong yen.

The figure, a leading indicator of capital expenditure, may act as some solace to Japanese policymakers who are wary that Europe’s debt crisis, the U.S. slowdown and the yen’s rise may
stall recovery from the March 11 earthquake and tsunami.

Australian Bernard Tomic downed local hope Tatsuma Ito in the second round of the Japan Open in Tokyo on Wednesday.

The 18-year-old Wimbledon quarter-finalist beat the Japanese wild card 6-7 (4-7) 6-1 7-5 in their first meeting to set up a third round match with fourth-seeded American Mardy Fish, who eased past Ernests Gulbis of Latvia 6-2 6-4.

World No.4 Andy Murray suffered a major scare before finally beating a dogged Marcos Baghdatis to reach the second round of the Japan Open.

A Japanese government panel overseeing the restructuring of TEPCO is to demand the company slash 7,400 jobs to help pay for the clean up at Fukushima nuclear plant, a report said Wednesday.

The panel is also considering calling for the resignation of the beleaguered company’s management in a move that would also see them forfeit their retirement benefits, another report said.

A powerful typhoon is heading for Japan’s Fukushima prefecture and other areas hit by the 11 March earthquake and tsunami, after leaving at least four people dead in the country’s central region. More >

Japanese factory output rose less than forecast in July and companies expect production to dip next month in a sign the surging yen and slowing global growth are weighing on the recovery in the export-reliant economy.

Industrial output rose 0.6 percent in July from the previous month, against a median market forecast for a 1.5 percent increase and following a 3.8 percent rise in June, data from the Ministry of Economy, Trade and Industry showed on Wednesday.

European equities advanced on Wednesday as encouraging US data and expectations of a possible Fed stimulus overshadowed steep losses in Tokyo, which was hit after Moody’s downgraded Japan’s debt.

London’s FTSE 100 climbed 1.49 percent to 5,205.85 points and in Paris the CAC 40 gained 1.79 percent to 3,139.55 points.

In Frankfurt the DAX jumped 2.69 percent to 5,681.08 points despite news of falling German business confidence.

Since the accident at the Fukushima nuclear power stations last March, Japan said a midterm to long-term initiative is needed to settle the situation, imposing a huge burden on society, including the evacuation of many residents in the vicinity in the long run.

In a report to the International Atomic Energy Agency (IAEA), the Japanese government said the burden arising from such a midterm to long-term initiative also has a major impact on industrial activities, including the farming and livestock sectors.