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||4.48%||4.38%|
|15 yr fixed||3.49%||3.42%|
|30 yr refi||4.47%||4.37%|
|15 yr refi||3.48%||3.41%|
Today's featured rates:
The first major global trade deal in nearly 20 years was struck in Bali Saturday as 160 countries agreed on measures that should speed up the flow of goods and could boost the world economy by as much as $1 trillion. More
You have to search the fine print on Tegu's toy block set to find any hint of the company's plan to make one of Central America's poorest cities a better place. More
As usual, Congress has left all the year's major fiscal decisions to the last minute. More