Taxonomy term

july 2011

Voices: The confounding economics of natural disasters

In the hours (not days) after the enormous earthquake hit Japan on March 11, before it was even known that the Fukushima power plant had been badly disabled and well before the scope of the mortality and damage had been assessed, the Japanese yen rapidly appreciated in value. The G7 nations moved to quickly stabilize the yen — not to prevent it from falling, but to prevent it from further appreciating.

28 Apr 2011