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94-500: In 2009, the building was the first in the world to be retrofit with seismic dampers to suppress the vibrations caused by long-period ground motion of earthquakes. A total of 288 oil dampers were installed on floors 15 through 39. As a result, during the Great East Japan earthquake of 2011, the damping ratio was higher and the response lower by 20% than it would have been without the dampers. The building made an appearance in

188-815: A tsunami . It is sometimes known in Japan as the " Great East Japan Earthquake " ( 東日本大震災 , Higashi nihon daishinsai ) , among other names. The disaster is often referred to by its numerical date, 3.11 (read san ten ichi-ichi in Japanese). It was the most powerful earthquake ever recorded in Japan , and the fourth most powerful earthquake recorded in the world since modern seismography began in 1900. The earthquake triggered powerful tsunami waves that may have reached heights of up to 40.5 meters (133 ft) in Miyako in Tōhoku's Iwate Prefecture , and which, in

282-519: A 7.7 M w quake at 15:26 all occurred on 11 March. A month later, a major aftershock struck offshore on 7 April with a magnitude of 7.1 M w . Its epicenter was underwater, 66 km (41 mi) off the coast of Sendai. The Japan Meteorological Agency assigned a magnitude of 7.4 M JMA , while the United States Geological Survey lowered it to 7.1 M w . At least four people were killed, and electricity

376-589: A Japanese building- or structure-related topic is a stub . You can help Misplaced Pages by expanding it . Great East Japan earthquake On 11 March 2011, at 14:46 JST (05:46 UTC ), a M w  9.0–9.1 undersea megathrust earthquake occurred in the Pacific Ocean, 72 km (45 mi) east of the Oshika Peninsula of the Tōhoku region . It lasted approximately six minutes and caused

470-455: A certain magnitude (magnitude 8 on the JMA scale); that is, in the case of very large earthquakes, the scales' values change little despite large differences in the earthquakes' energy. This resulted in an underestimation of the tsunami's height in initial reports. Problems in issuing updates also contributed to delays in evacuations. The warning system was supposed to be updated about 15 minutes after

564-520: A magnitude of at least 8.4 M w , which also created a large tsunami that inundated the Sendai plain. Three tsunami deposits have been identified within the Holocene sequence of the plain, all formed within the last 3,000 years, suggesting an 800 to 1,100 year recurrence interval for large tsunamigenic earthquakes. In 2001 it was reckoned that there was a high likelihood of a large tsunami hitting

658-570: A new quantitative easing program (QE). This program would be very large in terms of quantity, but it would also be different in terms of quality—qualitative easing (QQE). In other words, the BOJ would (and did) also purchase riskier assets like stocks and REITs. In 2016, the BOJ initiated yield curve control (YCC), and started its negative interest rates policy (NIRP). The BOJ is also the largest owner of Japanese stocks. In 2024, following announcements of about 5% wage growth by Japan's largest companies,

752-524: A rather closed economy to a large open economy with a variable exchange rate. During the entire post-war era, until at least 1991, the Bank of Japan's monetary policy has primarily been conducted via its ' window guidance ' (窓口指導) credit controls (which are the model for the Chinese central bank's primary tool of monetary policy implementation), whereby the central bank would impose bank credit growth quotas on

846-535: A result of the quake. The report also stated that the quake had caused several major landslides on the seabed in the affected area. The Earth's axis shifted by estimates of between 10 and 25 cm (4 and 10 in). This deviation led to a number of small planetary changes, including the length of a day , the tilt of the Earth , and the Chandler wobble . The speed of the Earth's rotation increased, shortening

940-478: A small tsunami was recorded after a 7.1 M w aftershock. As of 16 March 2012 aftershocks continued, totaling 1887 events over magnitude 4.0; a regularly updated map showing all shocks of magnitude 4.5 and above near or off the east coast of Honshu in the last seven days showed over 20 events. As of 11 March 2016 there had been 869 aftershocks of 5.0 M w or greater, 118 of 6.0 M w or greater, and 9 over 7.0 M w as reported by

1034-467: A timely warning, the initial earthquake and tsunami warning that was issued for the event was based on a calculation that requires only about three minutes. This calculation is, in turn, based on the maximum amplitude of the seismic wave. The amplitude of the seismic wave is measured using the JMA magnitude scale , which is similar to Richter scale . However, these scales "saturate" for earthquakes that are above

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1128-399: A total area of approximately 561 square kilometers (217 sq mi) in Japan. The earthquake took place at 14:46 JST (UTC 05:46) around 67 kilometers (42 mi) from the nearest point on Japan's coastline, and initial estimates indicated the tsunami would have taken 10 to 30 minutes to reach the areas first affected, and then areas farther north and south based on the geography of

1222-401: A tsunami warning, data from GPS tidal meters as well as from undersea water pressure meters, and there are plans to install more of these meters and to develop further technology to utilize data observed by them. To prevent under-reporting of tsunami heights, early quantitative observation data that are smaller than the expected amplitude will be overridden and the public will instead be told that

1316-496: A width of 200 km (120 mi). Analysis showed that this earthquake consisted of a set of three events. Other major earthquakes with tsunamis struck the Sanriku Coast region in 1896 and in 1933 . The source area of this earthquake has a relatively high coupling coefficient surrounded by areas of relatively low coupling coefficients in the west, north, and south. From the averaged coupling coefficient of 0.5–0.8 in

1410-542: Is believed that the early warning by the Japan Meteorological Agency (JMA) saved many lives. The warning for the general public was delivered about eight seconds after the first P wave was detected, or about 31 seconds after the earthquake occurred. However, the estimated intensities were smaller than the actual ones in some places, especially in Kanto, Koshinetsu , and Northern Tōhoku regions where

1504-474: Is deemed the record in Japan historically, as of reporting date, that exceeds 38.2 meters (125 ft) from the 1896 Sanriku earthquake . It was also estimated that the tsunami reached heights of up to 40.5 meters (133 ft) in Miyako in Tōhoku's Iwate Prefecture. The inundated areas closely matched those of the 869 Sanriku tsunami . Inundation heights were observed along 2,000 kilometers (1,200 mi) of

1598-529: Is headquartered in Nihonbashi , Chūō , Tokyo . The bank is a corporate entity independent of the Japanese government , and while it is not an administrative organisation of the state , its monetary policy falls within the scope of administration. From a macroeconomic perspective , long-term stability of prices is deemed crucial. However, the political sector tends to favour short-term measures. Thus,

1692-518: The Oshika Peninsula of Tōhoku , Japan, lasting approximately six minutes. The earthquake was initially reported as 7.9 M w by the USGS before it was quickly upgraded to 8.8 M w , then to 8.9 M w , and then finally to 9.0 M w . On 11 July 2016, the USGS further upgraded the earthquake to 9.1. Sendai was the nearest major city to the earthquake, 130 km (81 mi) from

1786-471: The Sendai area, traveled at 700 km/h (435 mph) and up to 10 km (6 mi) inland. Residents of Sendai had only eight to ten minutes of warning, and more than a hundred evacuation sites were washed away. The snowfall which accompanied the tsunami and the freezing temperature hindered rescue works greatly; for instance, Ishinomaki , the city with the most deaths, was 0 °C (32 °F) as

1880-500: The costliest natural disaster in history . According to a 2020 study, "the earthquake and its aftermaths resulted in a 0.47 percentage point decline in Japan's real GDP growth in the year following the disaster." The magnitude 9.1 ( M w ) undersea megathrust earthquake occurred on 11 March 2011 at 14:46 JST (05:46 UTC) in the north-western Pacific Ocean at a relatively shallow depth of 32 km (20 mi), with its epicenter approximately 72 km (45 mi) east of

1974-498: The konjac powder mixed in the paper to prevent counterfeiting made the bills a delicacy for rats—the run was largely successful. In 1897, Japan joined the gold standard , and in 1899 the former "national" banknotes were formally phased out. Since its Meiji era beginnings, the Bank of Japan has operated continuously from main offices in Tokyo and Osaka. The Bank of Japan was reorganized in 1942 (fully only after 1 May 1942), under

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2068-462: The yen as the new decimal currency, which had parity with the Mexican silver dollar. The former han (fiefs) became prefectures and their mints became private chartered banks which, however, initially retained the right to print money. For a time both the central government and these so-called national banks issued money. A period of unanticipated consequences was ended when the Bank of Japan

2162-507: The 1984 film The Return of Godzilla . French climber Alain Robert successfully scaled the building in 1998 and was arrested for trespassing once he reached the top. Japan Prime Realty Investment Corporation (a Japanese real estate investment trust ) acquired the building in 2008 for 21 billion yen. 35°41′30″N 139°41′44″E  /  35.69167°N 139.69556°E  / 35.69167; 139.69556 This article about

2256-492: The 2004 Indian Ocean quake. Japan's National Research Institute for Earth Science and Disaster Prevention (NIED) calculated a peak ground acceleration of 2.99  g (29.33 m/s ). The largest individual recording in Japan was 2.7  g , in Miyagi Prefecture, 75 km from the epicenter; the highest reading in the Tokyo metropolitan area was 0.16  g . The strong ground motion registered at

2350-779: The BOJ cut the official bank rate from 5% to 4.5% in January, to 4.0% in March, to 3.5% in April, 3.0% in November. At the same time, the government tried to raise demand in Japan in 1985, and did economy policy in 1986. However, the market was confused about the rapid fall of USD. After the Louvre Accord in February 1987, the BOJ decreased the official bank rate from 3% to 2.5%, but JPY/USD was 140yen/$ at that time and reached 125yen/$ in

2444-464: The BOJ ended eight year of negative interest rates by setting new short term targets of 0 to 0.1%. Following the election of Prime Minister Shinzō Abe in December 2012, the Bank of Japan, with Abe's urging, took proactive steps to curb deflation in Japan. On 30 October 2012, the Bank of Japan announced that it would undertake further monetary-easing action for the second time in a month. Under

2538-469: The Bank of Japan (BOJ) could have appreciated the currency in order to avoid inflation. However, they still kept the fixed exchange rate as 360Yen/$ for two weeks, so it caused excess liquidity. In addition, they persisted with the Smithsonian rate (308Yen/$ ), and continued monetary easing until 1973. This created a greater-than-10% inflation rate at that time. In order to control stagflation, they raised

2632-530: The Bank of Japan Act in 1998 clearly defined the objectives of the Bank of Japan as 'price stability' and 'financial system stability'. This revision affirmed the Bank's operation independent from the government (primarily the Ministry of Finance ), and removed the provisions established in 1942, which had been problematic. The 1942 provision, enacted during the Second World War, stated the objective of

2726-462: The Bank of Japan Act of 1942 ( 日本銀行法 昭和17年法律第67号 ) , promulgated on 24 February 1942. There was a brief post-war period during the Occupation of Japan when the bank's functions were suspended, and military currency was issued. In 1949, the bank was again restructured. In the 1970s, the bank's operating environment evolved along with the transition from a fixed foreign currency exchange rate and

2820-533: The Bank of Japan has been criticized for already possessing excessive independence and lacking in accountability before this law was promulgated. A certain degree of dependence might be said to be enshrined in the new Law, article 4 of which states: However, since the introduction of the new law, the Bank of Japan has rebuffed government requests to stimulate the economy. When the Nixon shock happened in August 1971,

2914-493: The Earthquake Early Warning system and the actual intensities occurred in the aftershocks and triggered earthquakes. Such discrepancies in the warning were attributed by the JMA to the system's inability to distinguish between two different earthquakes that happened at around same time, as well as to the reduced number of reporting seismometers due to power outages and connection failures. The system's software

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3008-399: The JMA bulletin also included the caveat that "At some parts of the coasts, tsunamis may be higher than those observed at the observation sites." The timing of the earliest recorded tsunami maximum readings ranged from 15:12 to 15:21, between 26 and 35 minutes after the earthquake had struck. The bulletin also included initial tsunami observation details, as well as more detailed maps for

3102-427: The JMA magnitude scale to saturate, no quantitative prediction will be released in the initial warning; instead, there will be words that describe the situation's emergency. There are plans to install new teleseismometers with the ability to measure larger earthquakes, which would allow the calculation of a quake's moment magnitude scale in a timely manner. JMA also implemented a simpler empirical method to integrate, into

3196-576: The Japanese Meteorological Agency. The number of aftershocks was associated with decreased health across Japan. On 13 February 2021, a magnitude 7.1–7.3 earthquake struck off the coast of Sendai. It caused some damage in Miyagi and Fukushima prefectures. One person was killed, and 185 were injured. The Geospatial Information Authority of Japan reported land subsidence based on the height of triangulation stations in

3290-706: The Japanese coast guard said that the quake shifted the seabed near the epicenter 24 meters (79 ft) and elevated the seabed off the coast of Miyagi Prefecture by 3 meters (9.8 ft). A report by the Japan Agency for Marine-Earth Science and Technology , published in Science on 2 December 2011, concluded that the seabed in the area between the epicenter and the Japan Trench moved 50 meters (160 ft) east-southeast and rose about 7 meters (23 ft) as

3384-470: The Japanese yen became stronger. JPY/USD reached 80yen/$ , so the BOJ reduced the office bank rate to 0.5% and the yen recovered. The period of deflation started at that time. In 1999, the BOJ started zero-interest-rate policy (ZIRP), but they ended it despite government opposition when the IT bubble happened in 2000. However, Japan's economic bubble burst in 2001 and the BOJ adopted the balance of current account as

3478-457: The Pacific Ocean region reaching the entire Pacific coast of North and South America from Alaska to Chile . Warnings were issued and evacuations were carried out in many countries bordering the Pacific. Although the tsunami affected many of these places, the heights of the waves were minor. Chile's Pacific coast, one of the farthest from Japan at about 17,000 kilometers (11,000 mi) away,

3572-495: The Policy Board and held every other month. Stable prices are maintained by seeking to ensure that price increases meet the inflation target. The bank aims to meet this target primarily by adjusting the base interest rate (known as the bank rate ), which is decided by the Policy Board. As of 2024 the inflation target is 2%. Japan has long suffered deflation and disinflation since the 1990s, which has been blamed as one of

3666-547: The Sendai plain as more than 1,100 years had then elapsed. In 2007, the probability of an earthquake with a magnitude of M w 8.1–8.3 was estimated as 99% within the following 30 years. This earthquake occurred where the Pacific plate is subducting under the plate beneath northern Honshu. The Pacific plate, which moves at a rate of 8 to 9 cm (3.1 to 3.5 in) per year, dips under Honshu's underlying plate, building large amounts of elastic energy . This motion pushes

3760-401: The accumulated energy. In the area near the trench, the coupling coefficient is high, which could act as the source of the large tsunami. Most of the foreshocks are interplate earthquakes with thrust-type focal mechanisms. Both interplate and intraplate earthquakes appeared in the aftershocks offshore Sanriku coast with considerable proportions. The surface energy of the seismic waves from

3854-520: The area measured by GPS as compared to their previous values from 14 April 2011. Scientists say that the subsidence is permanent. As a result, the communities in question are now more susceptible to flooding during high tides. One minute before the earthquake was felt in Tokyo, the Earthquake Early Warning system, which includes more than 1,000 seismometers in Japan, sent out warnings of impending strong shaking to millions. It

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3948-468: The area of the Honshu rupture is not very straight, it is unusual for the magnitude of its earthquake to exceed 8.5 M w. The hypocentral region of this earthquake extended from offshore Iwate Prefecture to offshore Ibaraki Prefecture . The Japanese Meteorological Agency said that the earthquake may have ruptured the fault zone from Iwate to Ibaraki with a length of 500 km (310 mi) and

4042-424: The associated evacuation zones affecting hundreds of thousands of residents. Many electrical generators ran out of fuel. The loss of electrical power halted cooling systems, causing heat to build up. The heat build-up caused the generation of hydrogen gas. Without ventilation, gas accumulated within the upper refueling hall and eventually exploded causing the refueling hall's blast panels to be forcefully ejected from

4136-766: The bank was to 'Ensure the Appropriate Exertion of the Nation's Total Economic Power, by Regulating Currency, Adjusting Finance, and Maintaining and Fostering the Credit System in Accordance with the Policies of the State (国家経済総力ノ適切ナル発揮ヲ図ル為国家ノ政策ニ即シ通貨ノ調節、金融ノ調整及信用制度ノ保持育成ニ任ズル。)'. BoJ's policies are decided at Monetary Policy Meetings ( MPM , Kinyu Seisaku Kettei Kaigo , 金融政策決定会合 ), which are attended by

4230-641: The bank's autonomy and independence are granted from the standpoint of ensuring long-term public welfare and political neutrality. Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration . Prior to the Restoration, Japan's feudal fiefs all issued their own money, hansatsu , in an array of incompatible denominations, but the New Currency Act of Meiji 4 (1871) did away with these and established

4324-518: The coast from Hokkaido to Kyushu in a 2012 study. Maximum run-up heights greater than 10 meters (33 ft) were distributed along 530 kilometers (330 mi) of coast, and maximum run-up heights greater than 20 meters (66 ft) were distributed along 200 kilometers (120 mi) of the coast, measured directly. The tsunami resulted in significant erosion of the Rikuzen-Takata coastline, mainly caused by backwash. A 2016 study indicated that

4418-461: The coast has not naturally recovered at a desirable rate since the tsunami. A Japanese government study found that 58% of people in coastal areas in Iwate, Miyagi, and Fukushima prefectures heeded tsunami warnings immediately after the quake and headed for higher ground. Of those who attempted to evacuate after hearing the warning, only five percent were caught in the tsunami. Of those who did not heed

4512-531: The coastline. At 15:55 JST, a tsunami was observed flooding Sendai Airport , which is located near the coast of Miyagi Prefecture , with waves sweeping away cars and planes and flooding various buildings as they traveled inland. The impact of the tsunami in and around Sendai Airport was filmed by an NHK News helicopter, showing a number of vehicles on local roads trying to escape the approaching wave and being engulfed by it. A 4-meter-high (13 ft) tsunami hit Iwate Prefecture . Wakabayashi Ward in Sendai

4606-428: The coastlines affected by the tsunami waves. JMA also reported offshore tsunami height recorded by telemetry from moored GPS wave-height meter buoys as follows: On 25 March 2011, Port and Airport Research Institute (PARI) reported tsunami height by visiting the port sites as follows: The tsunami at Ryōri Bay ( 綾里湾 ), Ōfunato reached a height of 40.1 meters (132 ft) (run-up elevation). Fishing equipment

4700-428: The commercial banks. The tool was instrumental in the creation of the 'bubble economy' of the 1980s. It was implemented by the Bank of Japan's then "Business Department" (営業局), which was headed during the "bubble years" from 1986 to 1989 by Toshihiko Fukui (who became deputy governor in the 1990s and governor in 2003). A major 1997 revision of the Bank of Japan Act was designed to give it greater independence; however,

4794-476: The day by 1.8 microseconds due to the redistribution of Earth's mass. The axial shift was caused by the redistribution of mass on the Earth's surface, which changed the planet's moment of inertia . Because of conservation of angular momentum , such changes of inertia result in small changes to the Earth's rate of rotation. These are expected changes for an earthquake of this magnitude. The earthquake also generated infrasound waves detected by perturbations in

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4888-505: The earthquake caused such a dramatic change in the Earth's rotation came from the United States Geological Survey which monitors Global Positioning Satellite (GPS) stations across the world. The Survey team had several GPS monitors located near the scene of the earthquake. The GPS station located nearest the epicenter moved almost 4 m (13 ft). This motivated government researchers to look into other ways

4982-497: The earthquake may have had large scale effects on the planet. Calculations at NASA's Jet Propulsion Laboratory determined that the Earth's rotation was changed by the earthquake to the point where the days are now 1.8 microseconds shorter. Japan experienced over 1,000 aftershocks since the earthquake, with 80 registering over magnitude 6.0 M w and several of which have been over magnitude 7.0 M w . A magnitude 7.4 M w at 15:08 (JST), 7.9 M w at 15:15 and

5076-401: The earthquake occurred, by which time the calculation for the moment magnitude scale would normally be completed. However, the strong quake had exceeded the measurement limit of all of the teleseismometers within Japan, and thus it was impossible to calculate the moment magnitude based on data from those seismometers. Another cause of delayed evacuations was the release of the second update on

5170-441: The earthquake was calculated to be 1.9×10 joules , which is nearly double that of the 9.1 M w 2004 Indian Ocean earthquake and tsunami that killed 230,000 people. If harnessed, the seismic energy from this earthquake would power a city the size of Los Angeles for an entire year. The seismic moment (M 0 ), which represents a physical size for the event, was calculated by the USGS at 3.9×10 joules, slightly less than

5264-472: The end of 1987. The BOJ kept the official bank rate at 2.5% until May in 1989. Financial and fiscal regulation led to a widespread over-valuing of real estate and investments and Japan faced a bubble at that time. After 1990, the stock market and real asset market fell. At that time BOJ regulated markets until 1991 in order to end the bubble. In January 1995, the Great Hanshin earthquake occurred and

5358-431: The epicenter experienced the largest shifts. A 400-kilometer (250 mi) stretch of coastline dropped vertically by 0.6 meters (2 ft 0 in), allowing the tsunami to travel farther and faster onto land. One early estimate suggested that the Pacific plate may have moved westward by up to 20 meters (66 ft), and another early estimate put the amount of slippage at as much as 40 m (130 ft). On 6 April,

5452-434: The epicenter; the earthquake occurred 373 km (232 mi) northeast of Tokyo . The main earthquake was preceded by a number of large foreshocks , with hundreds of aftershocks reported. One of the first major foreshocks was a 7.2 M w event on 9 March, approximately 40 km (25 mi) from the epicenter of the 11 March earthquake, with another three on the same day in excess of 6.0 M w . Following

5546-414: The financial crisis happened, and Japanese economy turned bad again. BOJ reduced the uncollateralized call rate to 0.3% and adopted the supplemental balance of current account policy. In December 2008, BOJ reduced uncollateralized call rate again to 0.1% and they started to buy Japanese Government Bond (JGB) along with commercial paper (CP) and corporate bonds. In 2013, the head of the BOJ (Kuroda) announced

5640-406: The highest possible tsunami. Because tsunami walls had been overtopped , the committee also suggested, besides building taller tsunami walls, also teaching citizens how to evacuate if a large-scale tsunami should strike. Large parts of Kuji and the southern section of Ōfunato including the port area were almost entirely destroyed. Also largely destroyed was Rikuzentakata , where the tsunami

5734-469: The leadership of new Governor Haruhiko Kuroda , the Bank of Japan released a statement on 5 April 2013 announcing that it would be purchasing securities and bonds at a rate of 60-70 trillion yen a year in an attempt to double Japan's money base in two years. But by 2016, it was apparent that three years of monetary easing had had little effect on deflation so the Bank of Japan instigated a review of its monetary stimulus program. The comprehensive revision of

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5828-436: The low-orbiting Gravity Field and Steady-State Ocean Circulation Explorer satellite. Initially, the earthquake caused sinking of part of Honshu's Pacific coast by up to roughly a meter, but after about three years, the coast rose back and then kept on rising to exceed its original height. This megathrust earthquake was a recurrence of the mechanism of the earlier 869 Sanriku earthquake , which has been estimated as having

5922-471: The main causes of the long-term economic downturn of the once world's second largest economy. For the past two decades, the primary focus of BOJ policies has been to achieve a stable inflation. Financial system is defined as the overall structure of receipt and payment as well as lending and borrowing of money, and its stability refers to 'a state in which the financial system functions properly, and participants, such as firms and individuals, have confidence in

6016-408: The main earthquake on 11 March, a 7.4 M w aftershock was reported at 15:08 JST (6:06 UTC), succeeded by a 7.9 M w at 15:15 JST (6:16 UTC) and a 7.7 M w at 15:26 JST (6:26 UTC). Over 800 aftershocks of magnitude 4.5 M w or greater occurred after the initial quake. Aftershocks followed Omori's law , which states that the rate of aftershocks declines with the reciprocal of

6110-468: The main operating target for the adjustment of the financial market in March 2001 (quantitative relaxation policy), shifting from the zero-interest-rate policy. From 2003 to 2004, Japanese government did exchange intervention operation in huge amount, and the economy recovered a lot. In March 2006, BOJ finished quantitative easing, and finished the zero-interest-rate policy in June and raised to 0.25%. In 2008,

6204-706: The main shock hit Japan, and continued to occur for 3 hours, during which waves of up to 1.5 meters high were observed. Soil liquefaction was evident in areas of reclaimed land around Tokyo, particularly in Urayasu , Chiba City , Funabashi , Narashino (all in Chiba Prefecture ) and in the Koto , Edogawa , Minato , Chūō , and Ōta Wards of Tokyo. Approximately 30 homes or buildings were destroyed and 1,046 other buildings were damaged to varying degrees. Nearby Haneda Airport , built mostly on reclaimed land,

6298-648: The maximum of 7 on the Japan Meteorological Agency seismic intensity scale in Kurihara , Miyagi Prefecture . Three other prefectures— Fukushima , Ibaraki and Tochigi —recorded a 6 upper on the JMA scale. Seismic stations in Iwate , Gunma , Saitama and Chiba Prefecture measured a 6 lower, recording a 5 upper in Tokyo. Portions of northeastern Japan shifted by as much as 2.4 meters (7 ft 10 in) closer to North America, making some sections of Japan's landmass wider than before. Those areas of Japan closest to

6392-443: The north to Ōarai, Ibaraki , in the south, with most of the destruction in that area occurring in the hour following the earthquake. Near Ōarai, people captured images of a huge whirlpool that had been generated by the tsunami. The tsunami washed away the sole bridge to Miyatojima, Miyagi, isolating the island's 900 residents. A 2 meters (6 ft 7 in) high tsunami hit Chiba Prefecture about 2 + 1 ⁄ 2 hours after

6486-439: The official bank rate from 7% to 9% and skyrocketing prices gradually ended in 1978. In 1979, when the energy crisis happened, the BOJ raised the official bank rate rapidly. The BOJ succeeded in a quick economic recovery. After overcoming the crisis, they reduced the official bank rate. In 1980, the BOJ reduced the official bank rate from 9.0% to 8.25% in August, to 7.25% in November, and to 5.5% in December in 1981. " Reaganomics "

6580-511: The orbit of the GOCE satellite, which thus serendipitously became the first seismograph in orbit. Following the earthquake, cracks were observed to have formed in the roof of Mount Fuji 's magma chamber . Seiches observed in Sognefjorden , Norway were attributed to distant S waves and Love waves generated by the earthquake. These seiches began to occur roughly half an hour after

6674-462: The populace warning did not trigger. According to the Japan Meteorological Agency , reasons for the underestimation include a saturated magnitude scale when using maximum amplitude as input, failure to fully take into account the area of the hypocenter , and the initial amplitude of the earthquake being less than that which would be predicted by an empirical relationship. There were also cases where large differences between estimated intensities by

6768-524: The quake, causing heavy damage to cities such as Asahi . On 13 March 2011, the Japan Meteorological Agency (JMA) published details of tsunami observations recorded around the coastline of Japan following the earthquake. These observations included tsunami maximum readings of over 3 meters (9.8 ft) at the following locations and times on 11 March 2011, following the earthquake at 14:46 JST: Many areas were also affected by waves of 1 to 3 meters (3 ft 3 in to 9 ft 10 in) in height, and

6862-598: The regulations under which the bank was founded. In 1883, all national banks were stripped of their banknote issuance privilege, and the Bank of Japan was given a monopoly on controlling the money supply in 1884. Still, it would be another 20 years before all previously issued notes were retired. Following the passage of the Convertible Bank Note Regulations (May 1884), the Bank of Japan issued its first banknotes in 1885 ( Meiji 18 ). Despite some small glitches—for example, it turned out that

6956-421: The situation is under observation. About 90 seconds after an earthquake, an additional report on the possibility of a tsunami will also be included in observation reports, in order to warn people before the JMA magnitude can be calculated. Bank of Japan The Bank of Japan ( 日本銀行 , Nippon Ginkō , BOJ ) is the central bank of Japan . The bank is often called Nichigin ( 日銀 ) for short. It

7050-478: The source area and the seismic moment, it was estimated that the slip deficit of this earthquake was accumulated over a period of 260–880 years, which is consistent with the recurrence interval of such great earthquakes estimated from the tsunami deposit data. The seismic moment of this earthquake accounts for about 93% of the estimated cumulative moment from 1926 to March 2011. Hence, earthquakes in this area with magnitudes of about 7 since 1926 had only released part of

7144-722: The structure. Residents within a 20 km (12 mi) radius of the Fukushima Daiichi Nuclear Power Plant and a 10 km (6.2 mi) radius of the Fukushima Daini Nuclear Power Plant were evacuated. Early estimates placed insured losses from the earthquake alone at US$ 14.5 to $ 34.6 billion. The Bank of Japan offered ¥ 15 trillion (US$ 183 billion) to the banking system on 14 March 2011 in an effort to normalize market conditions. The estimated economic damages amounted to over $ 300 billion, making it

7238-545: The system'. The aforementioned objectives are realised through the exertion of the functions mentioned below. Bank of Japan owns 4.7% of Japanese public stocks. Since 2020 it has owned more domestic stock than any other body. The Bank of Japan is headquartered in Nihonbashi , Chūō , Tokyo , on the site of a former gold mint (the Kinza) and, not coincidentally, near the famous Ginza district, whose name means "silver mint". The Neo-baroque Bank of Japan building in Tokyo

7332-476: The time since the main quake. The aftershocks thus tapered off over time, but continued for years after the initial quake, including one on 26 October 2013 (local time) of magnitude 7.1 M w . The earthquake moved Honshu 2.4 m (8 ft) east, shifted the Earth on its axis by estimates of between 10 and 25 cm (4 and 10 in), increased Earth's rotational speed by 1.8 μs per day, and generated infrasound waves detected in perturbations of

7426-600: The town by 14 March 2011. Among the factors in the high death toll was the unexpectedly large water surge. The sea walls in several cities had been built to protect against tsunamis of much lower heights. Also, many people caught in the tsunami thought they were on high enough ground to be safe. According to a special committee on disaster prevention designated by the Japanese government, the tsunami protection policy had been intended to deal with only tsunamis that had been scientifically proved to occur repeatedly. The committee advised that future policy should be to protect against

7520-564: The tsunami hit. The official figures released in 2021 reported 19,759 deaths, 6,242 injured, and 2,553 people missing, and a report from 2015 indicated 228,863 people were still living away from their home in either temporary housing or due to permanent relocation. The tsunami caused the Fukushima Daiichi nuclear disaster , primarily the meltdowns of three of its reactors, the discharge of radioactive water in Fukushima and

7614-454: The tsunami warning long after the earthquake (28 minutes, according to observations); by that time, power failures and similar circumstances reportedly prevented the update from reaching some residents. Also, observed data from tidal meters that were located off the coast were not fully reflected in the second warning. Furthermore, shortly after the earthquake, some wave meters reported a fluctuation of "20 centimeters (7.9 in)", and this value

7708-428: The upper plate down until the accumulated stress causes a seismic slip-rupture event. The break caused the sea floor to rise by several meters. The magnitude of this earthquake was a surprise to some seismologists. A quake of this magnitude usually has a rupture length of at least 500 km (310 mi) and generally requires a long, relatively straight fault surface. Because the plate boundary and subduction zone in

7802-420: The warning, 49% were hit by the water. Delayed evacuations in response to the warnings had a number of causes. The tsunami height that had been initially predicted by the tsunami warning system was lower than the actual tsunami height; this error contributed to the delayed escape of some residents. The discrepancy arose as follows: in order to produce a quick prediction of a tsunami's height and thus to provide

7896-484: Was also particularly hard hit. At least 101 designated tsunami evacuation sites were hit by the wave. Like the 2004 Indian Ocean earthquake and tsunami , the damage by surging water, though much more localized, was far more deadly and destructive than the actual quake. Entire towns were destroyed in tsunami-hit areas in Japan, including 9,500 missing in Minamisanriku ; one thousand bodies had been recovered in

7990-413: Was broadcast throughout the mass media and the warning system, which caused some residents to underestimate the danger of their situation and even delayed or suspended their evacuation. In response to the aforementioned shortcomings in the tsunami warning system, JMA began an investigation in 2011 and updated their system in 2013. In the updated system, for a powerful earthquake that is capable of causing

8084-433: Was cut off across much of northern Japan including the loss of external power to Higashidōri Nuclear Power Plant and Rokkasho Reprocessing Plant . Four days later on 11 April, another magnitude 7.1 M w aftershock struck Fukushima, causing additional damage and killing a total of three people. On 7 December 2012 a large aftershock of magnitude 7.3 M w caused a minor tsunami, and again on 26 October 2013

8178-741: Was designed by Tatsuno Kingo in 1896. The Osaka branch in Nakanoshima is sometimes considered as the structure which effectively symbolizes the bank as an institution. The governor of the Bank of Japan ( 総裁 , sōsai ) has considerable influence on the economic policy of the Japanese government . ( Ministry of Finance ) central banker Harvard University (Ministry of Finance) (Ministry of Finance) (Ministry of Finance) (Ministry of Finance) (Ministry of Finance) University of Chicago (M.A.) (Ministry of Finance) President of ADB University of Oxford (MPhil) Massachusetts Institute of Technology (PhD) As of 9 April 2023,

8272-558: Was founded in Meiji 15 (10 October 1882), under the Bank of Japan Act 1882 (27 June 1882), inspired primarily by the National Bank of Belgium (est. 1850) which was viewed as one of the best-designed European central banks of its era. Since then, the Bank of Japan has been partly privately owned. Its stock is traded over the counter, hence the stock number. A number of modifications based on other national banks were encompassed within

8366-519: Was in vogue in America and USD became strong. However, Japan tried to implement fiscal reconstruction at that time, so they did not stop their financial regulation. In 1985, the agreement of G5 nations, known as the Plaza Accord, USD slipped down and Yen/USD changed from 240yen/$ to 200yen/$ at the end of 1985. Even in 1986, USD continued to fall and reached 160yen/$ . In order to escape deflation,

8460-619: Was not damaged. Odaiba also experienced liquefaction, but damage was minimal. Shinmoedake , a volcano in Kyushu , erupted three days after the earthquake. The volcano had previously erupted in January 2011; it is not known if the later eruption was linked to the earthquake. In Antarctica , the seismic waves from the earthquake were reported to have caused the Whillans Ice Stream to slip by about 0.5 meters (1 ft 8 in). The first sign international researchers had that

8554-502: Was scattered on the high cliff above the bay. At Tarō, Iwate , the tsunami reached a height of 37.9 meters (124 ft) up the slope of a mountain some 200 meters (660 ft) away from the coastline . Also, at the slope of a nearby mountain from 400 meters (1,300 ft) away at Aneyoshi fishery port ( 姉吉漁港 ) of Omoe peninsula ( 重茂半島 ) in Miyako, Iwate , Tokyo University of Marine Science and Technology found estimated tsunami run up height of 38.9 meters (128 ft). This height

8648-471: Was struck by waves 2 meters (6.6 ft) high, compared with an estimated wave height of 38.9 meters (128 ft) at Omoe peninsula, Miyako city, Japan. The tsunami warning issued by the Japan Meteorological Agency was the most serious on its warning scale; it was rated as a "major tsunami", being at least 3 meters (9.8 ft) high. The actual height prediction varied, the greatest being for Miyagi at 6 meters (20 ft) high. The tsunami inundated

8742-435: Was subsequently modified to handle this kind of situation. An upthrust of 6 to 8 meters (20 to 26 ft) along a 180-kilometer (110 mi)-wide seabed at 60 kilometers (37 mi) offshore from the east coast of Tōhoku resulted in a major tsunami that brought destruction along the Pacific coastline of Japan's northern islands. Thousands of people died and entire towns were devastated. The tsunami propagated throughout

8836-687: Was three stories high. Other cities destroyed or heavily damaged by the tsunami include Kamaishi , Miyako , Ōtsuchi , and Yamada (in Iwate Prefecture), Namie , Sōma , and Minamisōma (in Fukushima Prefecture) and Shichigahama , Higashimatsushima , Onagawa , Natori , Ishinomaki , and Kesennuma (in Miyagi Prefecture). The most severe effects of the tsunami were felt along a 670-kilometer-long (420 mi) stretch of coastline from Erimo, Hokkaido , in

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