Huge Earthquake Rocks Northern Japan, Tsunami Follows; Effect on Japanese Auto Exports and Yen Value Unknown

A huge earthquake of 8.9 magnitude on the Richter scale has rocked northern Japan making for an unwelcome human tragedy with possibly hundreds dead, which compounds existing Japanese economic and political woes.

Resulting Tsunamis are causing extreme damage on the Pacific coastlines in Asia. Tsunami alerts have now been issued for the entire North American Pacific coastline.

The earthquake has also shut down an unknown number of Japanese automaker and parts supplier plants at a time when car sales are rising and exports are needed to meet growing demand in the U.S. and elsewhere.  

Early wire service reports say that Toyota, Honda, Nissan and Subaru have closed at least eight plants as a result of damages. These companies are dependent on exports – particularly for their Lexus, Acura and Infiniti luxury brands.

However, specific details are sketchy as power outages are causing disruptions in communications and public transportation during what is now a weekend in Japan. The actual damages, number killed, and the extent of shutdowns will likely not be known until at least Monday, if then as aftershocks continue.

Nissan has just issued a statement: “At this time, Nissan does not anticipate any immediate affect from the earthquake or tsunami on its Americas operations, facilities, dealers or customers. In addition, we are monitoring the status of employees who have traveled to Japan locations to ensure their continued safety. The Nissan Americas team is working closely with global humanitarian partners to determine how the company and employees in the region can contribute to aid efforts in the aftermath of this event.”

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2 Responses to Huge Earthquake Rocks Northern Japan, Tsunami Follows; Effect on Japanese Auto Exports and Yen Value Unknown

  1. Barack Obama says:

    U.S. President Barack Obama remarks on Friday morning WADC time:

    Good morning, everybody. Before I begin, I want to say a few words about the terrible earthquake and tsunami that struck Japan earlier today.

    First and foremost, our thoughts and our prayers are with the people of Japan. This is a potentially catastrophic disaster and the images of destruction and flooding coming out of Japan are simply heartbreaking. Japan is, of course, one of our strongest and closest allies, and this morning I spoke with Prime Minister Kan. On behalf of the American people, I conveyed our deepest condolences, especially to the victims and their families, and I offered our Japanese friends whatever assistance is needed.

    We currently have an aircraft carrier in Japan, and another is on its way. We also have a ship en route to the Marianas Islands to assist as needed. The Defense Department is working to account for all our military personnel in Japan. U.S. Embassy personnel in Tokyo have moved to an offsite location. And the State Department is working to account for and assist any and all American citizens who are in the country.

    Tsunami warnings have been issued across the Pacific, and we’ve already seen initial waves from the tsunami come ashore on Guam and other U.S. territories, in Alaska and Hawaii, as well as on — along the West Coast. Here in the United States, there hasn’t been any major damage so far. But we’re taking this very seriously, and we are monitoring the situation very closely. FEMA is fully activated and is coordinating with state and local officials to support these regions as necessary. And let me just stress that if people are told to evacuate, do as you are told.

    Today’s events remind us of just how fragile life can be. Our hearts go out to our friends in Japan and across the region and we’re going to stand with them as they recover and rebuild from this tragedy.

  2. This is a Toyota Statement on Earthquake and Tsunami in Japan:

    Currently, Toyota Motor Corporation (TMC) has established a company-wide emergency task force to assess the situation and take initial measures.

    As of now, Toyota has confirmed that there have been no injuries at the Tokyo head office, as well as the Higashifuji, Tochigi office, Yamanashi office, and Toyota Motor Tohoku facilities.

    We are presently gathering information on Central Motor Corporation and Kanto Auto Works.

    All TMC plants have restarted production.

    The plants that have stopped production are Toyota subsidiary plants, including:

    * Toyota Motor Hokkaido Plant
    * Toyota Motor Tohoku Plant
    * Central Motor Corporation Miyagi Plant
    * Kanto Auto Works Iwate Plant

    Employees at these facilities have been evacuated to safe areas.

    We are also currently assessing the situation at our suppliers, dealers and the impact on North American import vehicles.

    Toyota’s number one priority is to support our employees at TMC, our partner companies, suppliers and dealers through this situation. We will continue to provide updates as new information becomes available.

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