Japan Earthquake 2011: Battered Country Faces Threat Of Nuclear Meltdown As ...

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IWAKI, Japan - Cooling systems failed at another nuclear reactor on Japan's devastated coast Sunday, hours after an explosion at a nearby unit made leaking radiation, or even outright meltdown, the central threat to the country following a catastrophic earthquake and tsunami.


The Japanese government said radiation emanating from the plant appeared to have decreased after Saturday's blast, which produced a cloud of white smoke that obscured the complex. But the danger was grave enough that officials pumped seawater into the reactor to avoid disaster and moved 170,000 people from the area.

Japan's nuclear safety agency then reported an emergency at another reactor unit, the third in the complex to have its cooling systems malfunction. To try to release pressure from the overheating reactor, authorities released steam that likely contained small amounts of radiation, the government said.

Japan dealt with the nuclear threat as it struggled to determine the scope of the earthquake, the most powerful in its recorded history, and the tsunami that ravaged its northeast Friday with breathtaking speed and power. The official count of the dead was 686, but the government said the figure could far exceed 1,000.

Teams searched for the missing along hundreds of miles (kilometers) of the Japanese coast, and thousands of hungry survivors huddled in darkened emergency centers that were cut off from rescuers and aid. At least a million households had gone without water since the quake struck. Large areas of the countryside were surrounded by water and unreachable.

The explosion at the nuclear plant, Fukushima Dai-ichi, 170 miles (274 kilometers) northeast of Tokyo, appeared to be a consequence of steps taken to prevent a meltdown after the quake and tsunami knocked out power to the plant, crippling the system used to cool fuel rods there.

The blast destroyed the building housing the reactor, but not the reactor itself, which is enveloped by stainless steel 6 inches (15 centimeters) thick.

Inside that superheated steel vessel, water being poured over the fuel rods to cool them formed hydrogen. When officials released some of the hydrogen gas to relieve pressure inside the reactor, the hydrogen apparently reacted with oxygen, either in the air or the cooling water, and caused the explosion.

"They are working furiously to find a solution to cool the core," said Mark Hibbs, a senior associate at the Nuclear Policy Program for the Carnegie Endowment for International Peace.

Nuclear agency officials said Japan was injecting seawater into the core -- an indication, Hibbs said, of "how serious the problem is and how the Japanese had to resort to unusual and improvised solutions to cool the reactor core."

Officials declined to say what the temperature was inside the troubled reactor, Unit 1. At 2,200 degrees Fahrenheit (1,200 degrees Celsius), the zirconium casings of the fuel rods can react with the cooling water and create hydrogen. At 4,000 F (2,200 C), the uranium fuel pellets inside the rods start to melt, the beginning of a meltdown.

Chief Cabinet Secretary Yukio Edano said radiation around the plant had fallen, not risen, after the blast but did not offer an explanation. Virtually any increase in dispersed radiation can raise the risk of cancer, and authorities were planning to distribute iodine, which helps protect against thyroid cancer. Authorities ordered 210,000 people out of the area within 12 miles (20 kilometers) of the reactor.

It was the first time Japan had confronted the threat of a significant spread of radiation since the greatest nightmare in its history, a catastrophe exponentially worse: the 1945 atomic bombings of Hiroshima and Nagasaki by the United States, which resulted in more than 200,000 deaths from the explosions, fallout and radiation sickness.

Officials have said that radiation levels at Fukushima were elevated before the blast: At one point, the plant was releasing each hour the amount of radiation a person normally absorbs from the environment each year.

The Japanese utility that runs the plant said four workers suffered fractures and bruises and were being treated at a hospital. Nine residents of a town near the plant who later evacuated the area tested positive for radiation exposure, though officials said they showed no health problems.

As Japan entered its second night since the magnitude-8.9 quake, there were grim signs that the death toll could soar. One report said no one could find four whole trains. Others said 9,500 people in one coastal town were unaccounted for and that at least 200 bodies had washed ashore elsewhere.

The government said 642 people were missing and 1,426 injured.

Atsushi Ito, an official in Miyagi prefecture, among the worst-hit states, could not confirm the figures, noting that with so little access to the area, thousands of people in scores of towns could not yet be reached.

"Our estimates based on reported cases alone suggest that more than 1,000 people have lost their lives in the disaster," Edano said. "Unfortunately, the actual damage could far exceed that number considering the difficulty assessing the full extent of damage."

Japan, among the most technologically advanced countries in the world, is well-prepared for earthquakes. Its buildings are made to withstand strong jolts -- even Friday's, the strongest in Japan since official records began in the late 1800s. The tsunami that followed was beyond human control.

With waves 23 feet (7 meters) high and the speed of a jumbo jet, it raced inland as far as six miles (10 kilometers), swallowing homes, cars, trees, people and anything else in its path.

"The tsunami was unbelievably fast," said Koichi Takairin, a 34-year-old truck driver who was inside his sturdy, four-ton rig when the wave hit the port town of Sendai. "Smaller cars were being swept around me. All I could do was sit in my truck."

His rig ruined, he joined the steady flow of survivors who walked along the road away from the sea and back into the city Saturday.
Smashed cars and small airplanes were jumbled against buildings near the local airport, several miles (kilometers) from the shore. Felled trees and wooden debris lay everywhere as rescue workers in boats nosed through murky waters and around flooded structures.

The tsunami set off warnings across the Pacific Ocean, and waves sent boats crashing into one another and demolished docks on the U.S. West Coast. In Crescent City, California, near the Oregon state line, one person was swept out to sea and had not been found Saturday.

In Japan early Sunday, firefighters had yet to contain a large blaze at the Cosmo Oil refinery in the city of Ichihara. Four million households remained without power. The Russian news agency RIA Novosti reported that Japan had asked for additional energy supplies from Russia.

Prime Minister Naoto Kan said 50,000 troops had joined the rescue and recovery efforts, helped by boats and helicopters. Dozens of countries offered to pitch in. President Barack Obama said one American aircraft carrier was already off Japan and a second on its way.

Aid had just begun to trickle into many areas. More than 215,000 people were living in 1,350 temporary shelters in five prefectures, the Japanese national police agency said.

"All we have to eat are biscuits and rice balls," said Noboru Uehara, 24, a delivery truck driver who was wrapped in a blanket against the cold at a shelter in Iwake. "I'm worried that we will run out of food."

The transport ministry said all highways from Tokyo leading to quake-stricken areas were closed, except for emergency vehicles. Mobile communications were spotty and calls to the devastated areas were going unanswered.

One hospital in Miyagi prefecture was seen surrounded by water, and the staff had painted "SOS," in English, on its rooftop and were waving white flags.

Around the nuclear plant, where 51,000 people had previously been urged to leave, others struggled to get away.

"Everyone wants to get out of the town. But the roads are terrible," said Reiko Takagi, a middle-aged woman, standing outside a taxi company. "It is too dangerous to go anywhere. But we are afraid that winds may change and bring radiation toward us."

Although the government played down fears of radiation leak, Japanese nuclear agency spokesman Shinji Kinjo acknowledged there were still fears of a meltdown -- the collapse of a power plant's systems, rendering it unable regulate temperatures and keep the reactor fuel cool.

Yaroslov Shtrombakh, a Russian nuclear expert, said it was unlikely that the Japanese plant would suffer a meltdown like the one in 1986 at Chernobyl, when a reactor exploded and sent a cloud of radiation over much of Europe. That reactor, unlike the reactor at Fukushima, was not housed in a sealed container.


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What to do in a tsunami or the value of traditional knowledge

While tsunamis usually occur in the Pacifi c Ocean, all low-lying coastal areas can be struck by
tsunamis. In North America, higher risk areas have warning systems in place, and clearly marked
evacuation routes.
The best advice for surviving a tsunami is to get as far away from its destructive force as possible.
• If you are caught on land near the coast during an earthquake, move as quickly as possible away
from the water and, if possible, up higher ground.
• If you are on open water in a boat, move as quickly as possible to deeper water.
Most buildings will not provide a great deal of protection from tsunamis. Some may collapse, others may fl ood
trapping you inside.
This basic knowledge passed down from generation to generation
saved whole villages of the Moken people during the
recent Indian Ocean tsunami. Moken Elders tell stories of the
Laboon, the wave that eats people. They say that before the
wave arrives, the earth shakes, birds and bugs fall silent, water
animals move deep into the ocean and land animals move to
higher ground, then the water recedes. As the story goes, when
these signs occur all the people must abandon their homes
and move to higher ground as quickly as possible, because
the water will return quickly in quantities bigger than can be
imagined. As far as any one can tell, only one Moken died in
the recent tsunami.
What is lifesaving knowledge in your community?

17.08 | Posted in , , , , | Read More »

U.S. investors stake positions for rebuilding Japan

The devastating human and economic toll from Japan's earthquake and tsunami has jolted world markets, but top U.S. hedge fund and money managers see a bittersweet buying opportunity in companies ranging from American auto companies to small- and mid-cap Japanese stocks.

Japanese stocks on Monday posted their biggest daily decline since October 2008 as traders considered economic losses in the world's third largest economy. The Nikkei index closed off 6.2 percent and the broader TOPIX index slumped 7.5 percent.

A cautious and defensive investment stance is warranted because a prolonged slowdown in Japanese consumption in the food, retail and service sectors is likely due to electricity disruptions, Credit Suisse said in a preliminary analysis of the disaster.

But investors may benefit by exposure in sectors such as construction, metal products or construction materials, where reconstruction demand can be expected over the near term, Credit Suisse added.

U.S. hedge fund and institutional investors including Doug Kass, Martin Sass and Charles de Vaulx have staked their positions ahead of Japan's rebuilding.

Before the quake hit, International Value Advisers, manager of IVA funds, had called small- and mid-cap Japanese stocks one of its favorite investment themes for 2011 because of low price-to-book values.

IVA "added to a few positions last night," said de Vaulx, co-portfolio manager of IVA, although he declined to say which companies.

Japan was IVA's second-biggest country allocation after the United States in its Worldwide Fund, at 14.1 percent at the end of January. Astellas Pharma Inc and Secom Co Ltd were two of its top holdings.

Kass, founder of hedge fund Seabreeze Partners in Palm Beach, Florida, said the destruction of existing Japanese automobiles and the closing of automotive manufacturing plants in Japan make General Motors and Ford Motor the best investment idea to come out of the disaster.

Numerous sectors in the economy are still operating well below long-term trend lines, which bodes well for pent-up demand in the automotive sector, Kass added.

U.S. auto sales surged 27 percent in February, the best month since August 2009, when the government's "cash for clunkers" program spurred a short-lived boom. But the annualized rate remains below pre-financial crisis levels.

The global economic recovery will support aggregate growth in the months ahead, although numerous non-traditional threats remain a cloud over intermediate-term growth, Kass said.

Weakness in insurers MetLife Inc and Prudential Financial Inc provides a buying opportunity as the two companies are expected to post strong return-on-equity in coming years and trade near their tangible book value, said Sass, founder of hedge fund M.D. Sass in New York, which has $7.5 billion in assets under management.

"We don't invest directly in Japan, but we like two stocks that are particularly under pressure now -- MetLife and Prudential -- because they are most exposed to Japan, with 25 percent and 41 percent of earnings, respectively, coming from Japan," Sass said. Prudential fell 2.9 percent and MetLife 2.4 percent on Monday.

Sass said the Japanese devastation and the turmoil in the Middle East are resulting in near-term investor caution, but he still believes the equity market is in the early stages of a secular bull market that began in March 2009.

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