NEW YORK (CNNMoney) -- Japan's devastating earthquake and tsunami could cost up to $309 billion, making it the most costly disaster in the country since the end of World War II, the Japanese government said Wednesday.
The destruction of homes, businesses and infrastructure could cost between ¥16 trillion and ¥25 trillion, equal to between $185 billion and $309 billion, Japan's Cabinet Office announced Wednesday, according to reports by Kyodo News in Tokyo.
But those estimates did not include the effect of the nuclear crisis at the Fukushima power plant and subsequent power outages.
''The most troublesome thing is harmful rumors and the psychological effect (on consumers) as a result of radiation concerns," economic and fiscal policy minister Kaoru Yosano told Kyodo News.
Yosano also said the total effect on the Japanese economy could be offset partially by a boost in activity from reconstruction efforts.
The death toll from the March 11 earthquake and ensuing tsunami is up to 9,408, with another 14,716 people confirmed missing, Japan's National Police Agency said Wednesday.
Major Japanese manufacturers, including Toyota Motor, Honda Motor, Nissan and Sony all shut down factories following the quake. While they have since resumed some operations, much of their business is still offline.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.43%||3.42%|
|15 yr fixed||2.69%||2.69%|
|30 yr refi||3.46%||3.42%|
|15 yr refi||2.73%||2.68%|
Today's featured rates:
HSBC banker arrested at JFK airport as he prepared to leave the country. He and former trader face federal charges they manipulated currency trades. More
With one exception, every vice presidential candidate in the past 40 years has released a tax return. Given that Donald Trump hasn't released his tax returns, will Mike Pence be the second exception? More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
A discount on a student loan from Wells Fargo is now yet another perk Amazon offers its Prime customers. More