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Japan may establish reconstruction agency to oversee earthquake repairs

23-Mar-2011 10:40 AM

Bank of Japan stated lenders’ deposits with the central bank more than doubled since 11-Mar-2011 to JPY41.62 trillion (USD513 billion) (Bloomberg, 23-Mar-2011). Meanwhile, Japan may establish a reconstruction agency to oversee earthquake repairs. Chief Cabinet Secretary Yukio Edano stated the government would weigh “some sort of system or organisation” to oversee post-quake spending, adding that it is too early to put a financial estimate on the reconstruction efforts. To maintain short-term financial stability, BOJ policy makers have added emergency cash every business day since the quake.