Japan’s Yukio Edano rebuffs Tepco bailout claim

Japan’s trade minister Yukio Edano has denied reports that troubled nuclear firm Tepco is about to receive a huge government bailout.

 

Mr Edano said Tepco, which runs the crippled Fukushima nuclear plant, had made no requests for public money.

Reports said the government would buy about 1tn yen ($12.9bn; £8.2bn) of Tepco shares next year – which would in effect nationalise the firm.

Tepco shares plummeted on Thursday, ending the day down more than 11%.

The firm faces massive compensation payments and clean-up costs after March’s tsunami and earthquake caused three of the Fukushima plant’s reactors to go into partial meltdown.

But Mr Edano told reporters on Friday: “As of now no requests have been made [from Tepco], and it is not the case that we are making arrangements in the direction of injecting public funds.

“We are considering with all kinds of possibilities in mind.”

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