The economy of Japan is now suffering after the twin disasters that strike the country last Friday swiping away hundreds of buildings and establishment.
Toyota Company, the world’s largest car maker in the world announced that they have to closed their factories for a while and stop their production after they were severely affected by the catastrophe.
Japan considered as the third largest economy in the world is now worrying of the after effects of the disaster.
Analyst at Nomura predicts that the closing of the leading producers of car in the country might result to a bigger loss of production for this quarter.
According to Richard Soultanian NUS consulting officer and a specialist in the energy supply industry said that the catastrophe that Japan has experienced temporarily frozen their economy.
On the other hand, Nomura Analyst also expecting that the country can recover on the third quarter of this year.
Economy of Japan started to degrade on the end of last year and it was expected to regain its growth second quarter of this year. After what happened to the country, a lot of analysts are in doubt that Japan can easily recover from its downfall. Some says that they need more time to get their economy back on track.
Head of Nissan’s company for production said in one of his interview that they will also stop their production. They explained that the problem is not only in their part, some of their major suppliers were also affected by the disaster that’s why they were forced to stop for a while.
Since Japan is known for its high end technology. Company such as Sony and Toshiba are found within the country.
As a result, a possibility on the decrease in the electronic industry production could be felt.