Asia, Japan Earthquake Rebuilding | featured news

Japanese Economics Minister Kaoru Yosano said on Sunday the government may need to spend 10 trillion yen to 15 trillion yen ($184 billion) for reconstruction from the devastating earthquake that hit the country's northeast in March.

Japan’s sovereign-rating outlook was cut to “negative” by Standard & Poor’s as the nation’s reconstruction needs following last month’s earthquake will likely add to what’s already the world’s biggest debt load.

Japan's cabinet approved on Friday almost $50 billion of spending for post-earthquake rebuilding, a down payment on the country's biggest public works effort in six decades.