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Vol 4 (AAC) No 6

Published 1st April 2011


Aftershocks

As the world's third-largest economy grapples with disaster, economies around the globe brace for aftershocks

A month after the 9.0 magnitude earthquake and subsequent tsunami that devastated its northeast coast, Japan faces a humanitarian tragedy, a drawn-out nuclear crisis and an expensive reconstruction. In the tightly integrated production networks of East Asia, there will be knock-on effects. Those countries holding yen-denominated loans – 60% of Thailand’s debt is in that currency – anticipated more onerous repayments as the yen appreciated. African partners will not go unscathed. South Africa’s Standard Bank offered an early assessment of the effects on Africa. Economists Simon Freemantle and Jeremy Stevensby predicted that recipients of Japanese aid – particularly Tanzania and Sudan – and major trade partners South Africa and Nigeria would be first to feel the tremors.

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