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RBI: Too early to assess Japan impact on India
March, 17th 2011

The Reserve Bank of India (RBI) today said it is "too early" to assess the impact of the natural disaster in Japan on the Indian economy.

"It is as yet too early to assess the macroeconomic consequences of the natural disaster in Japan," the RBI said in its mid-quarterly policy review.

It, however, said that as the normalcy is restored, expenditure on reconstruction may provide a boost to the India economy. "Substitution of thermal for nuclear energy in Japan may exert further pressure on petroleum prices," it added.

Hit by a devastating earthquake and a subsequent tsunami last Friday, the world's third largest economy is now facing the threat of a nuclear catastrophe.

Yesterday, Bank of Japan pumped in 3.5 trillion yen ($43 billion), taking the total amount of stimulus injected into the system in three days to a staggering 26.5 trillion yen (about $324 billion).

BoJ's initiatives were primarily aimed at ensuring that banks have enough liquidity.

According to initial estimates, the earthquake and tsunami have caused a loss of around $200 billion.

In the last fiscal, total trade between India and Japan stood at $10.4 billion. India is also the highest recipient of Japan's official development loan.

RBI Deputy Governor K C Chakrabarty had said on Tuesday that the central bank is in regular touch with the Bank of Japan, adding that "they (BoJ) tell us that the financial markets will stabilise in the next few days."

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