Tsunami hits Japan after strong quake, nuclear plant briefly disrupted
A powerful earthquake rocked northern Japan on Tuesday, briefly disrupting cooling functions at a nuclear plant and generating a tsunami that hit the same region devastated by a massive quake, tsunami and nuclear disaster in 2011.
The earthquake, which was felt in Tokyo, had a magnitude of 7.4, the Japan Meteorological Service said, and was centered off the coast of Fukushima prefecture at a depth of about 10 km (6 miles).
There were no reports of deaths or serious injuries several hours after the quake hit at 5:59 a.m. (2059 GMT Monday).
A tsunami of up to 1.4 meters (4.5 feet) had been observed around Sendai, about 70 km (45 miles) north of Fukushima, with smaller waves hitting ports elsewhere along the coast, public broadcaster NHK said.
Television footage showed ships moving out to sea from harbors as tsunami warning signals wailed, after warnings of waves of up to 3 meters (10 feet) were issued.
"We saw high waves but nothing that went over the tidal barriers," a man in the city of Iwaki told NTV television network.
The Pacific Tsunami Warning Center in Hawaii said the tsunami threat had now largely passed.
"Sea level fluctuations may continue along some coasts of Japan over the next few hours," it said.
The U.S. Geological Survey measured Tuesday's quake at magnitude 6.9, down from an initial 7.3
Washington can now help relieve 'only game in town' Fed, Fischer says
The Federal Reserve's second-in-command was the latest to wade into a post-election debate over what policies the new U.S. government should pursue, saying on Monday spending and other efforts to boost sluggish productivity could help reduce the Fed's burden of supporting the economy.
"Certain fiscal policies, particularly those that increase productivity, can increase the potential of the economy and help confront some of our longer-term economic challenges," said Fed Vice Chair Stanley Fischer.
"Some combination of improved public infrastructure, better education, more encouragement for private investment, and more effective regulation all likely have a role to play in promoting faster growth of productivity and living standards," he said at the Council on Foreign Relations.
Fischer's remarks come nearly two weeks after Americans shocked pollsters by electing as president Republican Donald Trump, who campaigned on a platform of infrastructure spending, tax cuts, and renegotiated or canceled international trade pacts.
The economy, eight years after the worst of the recession, is now in "the vicinity" of the U.S. central bank's employment and inflation goals, Fischer said, adding it was performing "reasonably well."
Oil Climbs to Three-Week High as Iran, Iraq Signal OPEC Accord
Oil climbed to a three-week high as Iran signaled optimism that OPEC will agree to a supply-cut deal and Iraq said it will make new proposals to help bolster unity before next week’s meeting in Vienna.
Futures rose 3.9 percent in New York. Iranian Oil Minister Bijan Namdar Zanganeh said it’s “highly probable” OPEC will reach a consensus at the talks, according to comments published by Shana news service. Iraq will offer plans to help reach an accord, Oil Minister Jabbar Al-Luaibi said. Discussions went well, Libyan OPEC Governor Mohamed Oun said as he left the group’s Vienna headquarters on Monday evening. Goldman Sachs Group Inc. said the likelihood of an agreement meant the bank was bullish on oil in the short term.
Brent for January settlement climbed $2.04, or 4.4 percent, to $48.90 a barrel on the London-based ICE Futures Europe exchange. It’s also the highest close since Oct. 28. The global benchmark ended the session at a 66 cent premium to January WTI.
Reference: Reuters, CNBC, Bloomberg
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