Tsunami Case Study

INTRODUCTION Tsunami is a Japanese word; 'tsu' meaning harbor and 'nami' meaning wave. The phenomenon is usually associated with earthquakes, landslides or volcanic eruptions in, or adjacent to oceans, and results in sudden movement of the water column. Until recently tsunami were called tidal waves, even though the event has nothing to do with tides (Australian Government, 2014)

Since the Bubble Economy collapsed, Japan gradually recovered. However, the 8.9-magnitude earthquake imposed a big blow on Japan. It not only dramatically affected Japan’s macro economy, but also caused neighboring countries and even global economic and political changes. Japan was hit by an enormous earthquake on March 11, 2011, that triggered a deadly 23-foot

The total cost of building and refurbishing venues is expected to reach approximately US$3.7 billion (Torres, 2014)

CONCLUSION

After all said and done, Japan’s economy is still the third largest in the world, but this doesn’t mean that the tsunami did not affect it that large. But as we have learnt above, it could be agreed upon that it played a major role in the economic crisis of Japan. 11 of Japan’s nuclear reactors were shut down after the tsunami, and the level of electricity supply was reduced to almost 45 percent. The damage all caused major ports to be locked down, and this obviously disrupted imports and exports. Auto creators had to shut down too. The quake only added to the challenges the economy was already facing including public debt, inflation and an aging labor market. It cannot be overstated that the Tsunami of 2011 in Japan did affect the economy of the