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Japan claims rebuilding after quake could cost billions

Estimates of costs are around ¥25tn(£189bn).

The devastating earthquake and tsunami which hit Japan almost two weeks ago could cost around 6 per cent of its total economic output in 2010 - which would be around ¥25tn (£189bn, $309bn).

According to a report by the World Bank, it will take Japan up to five years to fully recover from the damage. The death toll is now at 9079 and 12 645 are still missing.

Important sectors such as manufacturing are being affected by power shortages, which will have a knock on affect on Japan's export-driven economy, and slow growth even further.

Liam McLaughlin is a freelance journalist who has also written for Prospect and the Huffington Post. He tweets irregularly @LiamMc108.