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Japan's first-ever megaquake advisory brings worry and confusion. What does it mean?

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Japan's first-ever megaquake advisory brings worry and confusion. What does it mean?
News

News

Japan's first-ever megaquake advisory brings worry and confusion. What does it mean?

2024-08-15 11:33 Last Updated At:11:41

TOKYO (AP) — Japan, one of the most earthquake-prone nations on earth, issued its first-ever “megaquake advisory” last week after a powerful quake struck off the southeastern coast of the southern main island of Kyushu.

The magnitude 7.1 quake caused no deaths or severe damage, but the advisory has led to widespread confusion and a lingering sense of worry — in a country well accustomed to regular quakes — about when the next big one will hit.

The Associated Press explains what the advisory means, what people are being told to do, and what could happen if a massive quake hits Japan.

The Japan Meteorological Agency issued the advisory after concluding that the magnitude 7.1 quake that struck on Aug. 8 on the western edge of the Nankai Trough increased the likelihood of a stronger one.

There is a 70-80% chance of a magnitude 8 or 9 quake associated with the Nankai Trough within the next 30 years, and the probability is now “higher than normal” after the latest quake, the JMA says.

But that is not a prediction that a megaquake will happen at any specific time or location, says University of Tokyo seismologist Naoshi Hirata, who heads the JMA’s experts panel. He urged people to remain cautious and prepared.

The Nankai Trough is an undersea trench that runs from Hyuganada, in the waters just off the southeastern coast of Kyushu, to Suruga Bay in central Japan. It spans about 800 kilometers (500 miles) along the Pacific coast.

The Philippine Sea Plate there slowly pulls down on the Eurasian Plate and causes it to occasionally snap back, an action that could lead to a megaquake and tsunami, JMA says.

The last Nankai Trough quake off Shikoku in 1946 recorded a preliminary magnitude of 8.0 and killed more than 1,300 people.

In 2013, a government disaster prevention team said a magnitude 9.1 Nankai Trough quake could generate a tsunami exceeding 10 meters (33 feet) within minutes, killing as many as 323,000 people, destroying more than 2 million buildings and causing economic damage of more than 220 trillion yen ($1.5 trillion) to large swaths of Japan’s Pacific coast.

As a result of the “megaquake advisory,” Japanese Prime Minister Fumio Kishida canceled his planned Aug. 9-12 trip to Central Asia and announced he would lead the government response and ensure preventive measures and communication with the public.

The Fire and Disaster Management Agency instructed 707 municipalities seen as at risk from a Nankai Trough quake to review their response measures and evacuation plans.

Experts and officials have urged people to stay calm and carry on their daily social and economic activities while also securing emergency food and water and discussing evacuation plans with family members.

In a reassuring note on Monday, JMA experts said they have so far found no abnormal seismic or tectonic activity that would indicate a megaquake.

The “megaquake advisory,” which is filled with scientific jargon, has worried and baffled people across the country. Some towns closed beaches and canceled annual events, which has led to challenges for travelers during Japan’s Obon holiday week, a time for festivals and fireworks across the nation.

Many people have put off planned trips and rushed to stock up on rice, dried noodles, canned food, bottled water, portable toilets and other emergency goods, leaving shelves empty at many supermarkets in western Japan and Tokyo, even though the capital is outside the at-risk area.

The Summit supermarket chain said microwavable rice is in short supply and the store is limiting purchases to one pack per customer.

Yoshiko Kudo and her husband Shinya said they had trouble understanding what exactly the advisory meant, how worried they should be and what they should do.

“We are trying not to go overboard. Too much worry is not good,” Yoshiko Kudo said.

“We don’t know how to be prepared and to still live normally like the experts tell us,” said Shinya Kudo, a caregiver in his 60s.

Yoneko Oshima, walking by a major train station in Tokyo, said: “It’s scary ... They say there's a (70-80%) chance in the next 30 years, but it could be tomorrow.” Her latest purchase is a portable toilet. She says water is indispensable for her diabetic husband, who needs to take medicine after every meal.

“I plan to take this opportunity to make a list and make sure we have everything at hand,” Oshima said. She hasn’t changed her holiday plans this week, but her daughter canceled a planned trip to Mount Fuji.

In Matsuyama city on the island of Shikoku, which has many hot springs, hotels and resorts reviewed their evacuation procedures and emergency equipment and launched a radio communication system for emergency use. They have received hundreds of cancellations since the advisory was issued, said Hideki Ochi, director of the Dogo Onsen Ryokan Association.

Rail companies serving the region said their trains are operating at slightly reduced speeds as a precaution.

A crisis management task force in the coastal town of Kuroshio in Kochi prefecture, where a tsunami as high as 34 meters (111 feet) was predicted in the government risk analysis, initially set up 30 shelters across town. But only two are still open following Monday’s JMA statement that there has been no indication of an impending megaquake.

Higashi Osaka urged residents on the town website not to engage in “unnecessary and non-urgent” travel in case of a major quake.

The popular seaside town of Shirahama in Wakayama prefecture said its four outdoor hot springs, parks and other facilities would be closed for a week. Saturday’s annual fireworks festival was also canceled.

University of Tokyo seismologist Naoshi Hirata, left, a member of an expert panel, speaks during a press conference on the possible Nankai Trough earthquake, at Japan Meteorological Agency in Tokyo, on Aug. 8, 2024. (Kyodo News via AP)

University of Tokyo seismologist Naoshi Hirata, left, a member of an expert panel, speaks during a press conference on the possible Nankai Trough earthquake, at Japan Meteorological Agency in Tokyo, on Aug. 8, 2024. (Kyodo News via AP)

A person checks emergency kit sold at a shop following a strong earthquake in Shibushi, Kagoshima prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

A person checks emergency kit sold at a shop following a strong earthquake in Shibushi, Kagoshima prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

Stone lanterns fall at a shrine following a strong earthquake in Nichinan, Miyazaki prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

Stone lanterns fall at a shrine following a strong earthquake in Nichinan, Miyazaki prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

A beach is deserted after swimming was prohibited as the megaquake advisory was issued in Nichinan, Miyazaki prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

A beach is deserted after swimming was prohibited as the megaquake advisory was issued in Nichinan, Miyazaki prefecture, southern Japan, on Aug. 9, 2024. (Kyodo News via AP)

Next Article

Stock market today: Wall Street drifts as Oracle soars and banks and oil slump

2024-09-11 04:19 Last Updated At:04:20

NEW YORK (AP) — U.S. stocks drifted to a mixed finish on Tuesday following several weeks of sharp swings.

The S&P 500 rose 0.4% to pull within 3% of its record set in July. It flipped between small gains and losses through the day, but the moves were nothing like its careens since the summer, driven by worries about the slowing U.S. economy and whether coming cuts to interest rates will keep it out of a possible recession.

The Dow Jones Industrial Average fell 92 points, or 0.2%, and the Nasdaq composite rose 0.8%.

Oracle jumped 11.4% to an all-time high and helped lead the market after delivering better profit and revenue for the latest quarter than analysts expected. Gains for several influential Big Tech stocks also helped drive indexes, including rises of 2.1% for Microsoft and 2.4% for Amazon.

But banks weighed on the market following discouraging comments from several executives at an industry conference.

JPMorgan Chase fell 5.2% after its chief operating officer said analysts’ expectations for an underlying measure of its profit may be “too high.” Goldman Sachs dropped 4.4% after its chief executive said its trading revenue for the current quarter is trending down at the moment. And Ally Financial sank 17.6% after its chief financial officer warned that borrowers are “struggling with a high inflation and cost of living and now, more recently, a weakening employment picture.”

Stocks of energy producers were also weak after oil prices fell. A barrel of Brent crude, the international standard, is near its lowest price since 2021, and it’s been sinking amid worries about how much fuel a fragile global economy will burn. That helped drag Exxon Mobil down 3.6% and Chevron down 1.5%.

All told, the S&P 500 rose 24.47 points to 5,495.52. The Dow dropped 92.63 to 40,736.96, and the Nasdaq composite added 141.28 to 17,025.88.

In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 3.64% from 3.70% late Monday.

Like stocks, Treasury yields have been swinging sharply ahead of the Federal Reserve’s meeting next week, where the widespread expectation is for it to cut its main interest rate for the first time since the COVID crash of 2020.

The Fed is turning its focus away from stifling high inflation and toward protecting the economy. The debate on Wall Street is now focused on how much the Fed will cut the federal funds rate, which has been sitting at a two-decade high, and whether the easing will ultimately prove to be too late to prevent a recession.

Reports coming this week on inflation could influence the size of the Fed’s upcoming cuts. The worst case for the Fed would be if inflation were to reaccelerate when the job market is weakening, because helping either of those would require opposing moves.

On Wednesday, though, economists expect the latest report on inflation to show prices for U.S. consumers were 2.6% higher in August than a year earlier. That would be a slowdown from July’s inflation rate of 2.9%

Ahead of that will be Tuesday evening’s debate between Vice President Kamala Harris and former President Donald Trump. Foreign-exchange strategists at Bank of America say it could be the next catalyst for the market.

The value of the U.S. dollar has increased against peers in the past when expectations for a Trump re-election have strengthened, among other moves that have come to be known as part of the “Trump trade,” due in part to his calling for tariffs. But economists are debating what impact either candidate’s proposed policies would ultimately have on the economy, and the bigger deal may be whether one party is able to sweep into control of both Congress and the White House.

Strategists at Wells Fargo Investment Institute are looking for gridlock to continue, with neither party getting big enough majorities to pass transformative legislation. Because of that, “we think the economy is much more likely to move markets than elections,” said Paul Christopher, head of global investment strategy, and Jennifer Timmerman, investment strategy analyst.

In stock markets abroad, indexes fell in much of Europe after finishing mixed in Asia. Stocks rose 0.2% in Hong Kong and 0.3% in Shanghai after China’s customs office reported the country’s exports grew for a fifth consecutive month, in a sign of growing demand abroad.

AP Business Writers Matt Ott and Yuri Kageyama contributed.

American flag hang from the front of the New York Stock Exchange on Tuesday, Sept. 10, 2024, in New York. (AP Photo/Peter Morgan)

American flag hang from the front of the New York Stock Exchange on Tuesday, Sept. 10, 2024, in New York. (AP Photo/Peter Morgan)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 10, 2024. (AP Photo/Ahn Young-joon)

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