Worlds Number One Economy Confident Over Speedy Recovery Of Japan
The world’s number one economic power, the United States, is also the largest economy. Number two slot was occupied by Japan until the middle of last year when China overtook it sliding Japan to the number three position.
After a disastrous natural calamity in Japan last week, Japan has been badly shaken due to a high scale 9.0 magnitude quake, followed by a Tsunami and then a nuclear meltdown. The later has really been the most devastating as it is restricting rescue teams to work freely.
The U.S. has formally announced their belief in Japan’s economy as they are confident that Japan has the capability of coming out of this dire straits situation faster than any other country in the world. Though there was a steep fall in Japan’s stock market that declined almost 15%, but the very next day it has shown a big bounce back and a positive signs of recovery.
Japan’s situation has not only affected it internally but has shaken other countries economy and stock markets as well. An immediate insertion of USD 100 billion by Bank of Japan in their financial system is definitely going to provide an immediate support in that respect.
U.S. treasury secretary Timothy Geithner expressed his deep concern over the extremities being faced by Japan but at the same time he was confident about Japan’s courage and monetary backup it has to recover back at a faster pace.
It was the U.S. that called for emergency help for Japan soon after it was hit by quake and tsunami. Soon almost all countries extended their hand in support.
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