Japan downgrades view of economy after quake

TOKYO — Amid growing dissatisfaction with the slow pace of recovery, Japan marked the second anniversary Monday of the devastating earthquake and tsunami that left nearly 19,000 people dead or missing and has displaced more than 300,000. Japanese Prime Minister Shinzo Abe said that the government intends to make “visible” reconstruction progress and accelerate resettlement of those left homeless by streamlining legal and administrative procedures many blame for the delays.

TOKYO (Reuters) - - Japan's government on Wednesday downgraded its assessment of the economy for the first time in six months, saying it is showing weakness after a devastating earthquake and tsunami last month battered the northeast coast.

Reuters - Japan's government on Wednesday downgraded its assessment of the economy for the first time in six months, saying it is showing weakness after a devastating earthquake and tsunami last month battered the northeast coast.

Japan issued a tsunami alert Thursday after a magnitude-6.7 earthquake struck in the northeast of the country, rattling the areas hardest hit by the March 11 quake and tsunami disasters.The meteorological agency said the latest jolt hit at 6:51 am (2151 GMT Wednesday) some 50 kilometres (31 miles) off the east coast of Miyako, Iwate prefecture, at a depth of 20 kilometres in the Pacific.The northeast coast of Japan's main Honshu island was ravaged by a 9.0 magnitude quake and monster tsunami on March 11 which left more 23,000 people dead or missing.

Ratings agency Standard & Poor's Wednesday cut its outlook on Japan's sovereign debt following last month's quake-tsunami disaster and warned that reconstruction costs could pass $600 billion.It said, however, that the March 11 disaster, which obliterated whole towns on the northeast coast, left 26,000 people dead or missing and triggered a nuclear crisis, would not hurt Japan's medium-term growth potential.The credit ratings agency said the cost of rebuilding could range from 20 trillion yen to 50 trillion yen ($245 billion to $612 billion).

Ratings agency Standard & Poor's Wednesday cut its outlook on Japan's sovereign debt following last month's quake-tsunami disaster and warned that reconstruction costs could pass $600 billion.It said, however, that the March 11 disaster, which obliterated whole towns on the northeast coast, left 26,000 people dead or missing and triggered a nuclear crisis, would not hurt Japan's medium-term growth potential.The credit ratings agency said the cost of rebuilding could range from 20 trillion yen to 50 trillion yen ($245 billion to $612 billion).

Isolated reports of looting by desperate tsunami survivors have emerged in Japan, whose people have been widely applauded for their discipline in the face of appalling adversity.Other countries have noted with admiration, and some envy, the almost total absence of social disorder following the massive March 11 earthquake and ensuing tsunami that has left nearly 20,000 people dead or missing.