Current Exchange Rate, JPY 1 = 0.0123 USD
NEW YORK - Tokyo Electric popularly known as Tepco, took an extra 40 minutes for its shares to open in morning trade; shareholders of the company wish it had not opened at all. The stock was delayed because of the backlog of sellers. Shares are now 13% lower and Tokyo Electric has lost another ¥161 billion of market capitalization, bringing the total of ¥2.23 trillion yen of value lost since the onset of the earthquake and tsunami on March 11 .
Radiation levels in the seawater have soared near Tepco's crippled nuclear reactor at the Fukushima Daiichi nuclear plant. The plant has been crippled since the earthquake and tsunami knocked out the cooling systems, which caused its reactors to overheat, emitting radiation into the atmosphere. Engineers are continuing to struggle to stabilize the power station.
Tests have shown that off the coast that radiation levels were 1,250 times higher than normal but it is not yet considered a threat to marine life by the Nuclear and Industrial Safety Agency.
Prime Minister Naoto Kan said that the situation is not close to being solved, but Yukio Edano Chief Cabinet Secretary said the situation was no longer deteriorating.
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