Japan's Cost of Damage Could Reach $309B

The government in Japan said Wednesday that the cost of rebuilding after the earthquake and tsunami that devastated the island nation could reach $309 billion.

The Japanese Cabinet Office estimated that extensive damage to housing, infrastructure and businesses could total in the range of 16-25 trillion yen ($309 billion).

The World Bank had estimated on Monday that the damage would reach $235 billion, while Goldman Sachs predicted earlier this week the costs would be as much as $200 billion.

The government is planning to pump cash into banks to help support lending as companies attempt to rebuild.

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