Fukushima and the Effect on Globalisation

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Japan is the Third largest economy in the world after it was recently overtaken by China in February 2011. The latest statistics show that Japan has a population of 127 million, a GDP "Gross Domestic Product" of £3.448 Trillion and a GDP per capita of £21,472 (World Bank 2010). Japan does not exceed the size of California State in the United States of America but twenty percent of the world's earthquakes take place in Japan, which sits on the boundaries of at least three tectonic plates (BBC.CO.UK). Natural Disaster

In March 2011 a 9.0 magnitude earthquake hit the east cost of Japan, triggering massive sea waves, known as "Tsunami" towards the east costs of Japan. The majority of casualties and damage occurred in Iwate, Miyagi and Fukushima from a Pacific-wide tsunami with a maximum run-up height of 37.88 meters at Miyako (USGS 2011). In Fukushima, one of the most serious nuclear accidents occurred, after the Tsunami affected the Fukushima Diichi Nuclear Power Plant owned by Tokyo Electric Power Company "TEPCO". Fires and explosions have damaged four of the six nuclear reactor buildings; the primary source of this damage was failure in the cooling systems (BBC.CO.UK). This is a dramatic example of having a multi-billion asset turn into a multi-billion liability. Economy

Japan is one of the leading exporters of Motor Vehicles, Electronics and heavy machinery (Japan External Trade Organisation 2010) whereby they export these goods mainly to China, United States, European Union, Republic of Korea and Taipei (World Trade Organisation). Here is an illustration on Japan's Trade activities for the year 2010: Total value of exports: £548.7 billion

Primary exports - commodities: transport equipment, motor vehicles, semiconductors, electrical machinery, chemicals Primary exports partners: China (18.88 percent of total exports), US (16.42 percent), South Korea (8.13 percent), Taiwan (6.27 percent), Hong Kong (6.27 percent) Total value of imports:...
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