Japan quake 'caused $235bn damage'

Japan may need five years to rebuild after the catastrophic earthquake and tsunami which have caused up to $235bn US dollars of damage, the World Bank said today.

The March 11 disaster – which killed more than 8,600 people and left more than 12,800 missing in north eastern Japan – is likely to shave up to 0.5% from the country’s economic growth this year, the bank said in a report. The impact will be concentrated in the first half of the year, it said.