Japanese firms in Tokyo have returned for its first full day of business amid grim economic sentiment as more bad news pour in, in the wake of the 8.9 magnitude earthquake that rocked Japan on Friday.
According to Nishimura & Asahi attorney-at-law Stephen Bohrer, Tokyo is largely unaffected by the quake, with infrastructure around town intact – however, he said, lawyers were “greatly impacted psychologically and emotionally” by the events and the loss of life resulting from the quake, tsunami and most recently, nuclear explosions that have taken place in the past four days.
Bohrer said work has slowed down significantly in Tokyo, and there were “grave concerns” on future prospects and the impact this has on the Japanese economy for the year going forward. “The markets are jittery, and people are nervous – but this is something that is only natural in light of recent events,” Bohrer told ALB in an interview.
When questioned on which areas of practice law firms expect to suffer the greatest impact, Bohrer says it’s too early to tell the extent to which the damage caused would bear on the legal industry and the areas most affected. However, he notes that the Prime Minister of Japan, Naoto Kan had indicated earlier today that the Japanese economy would “undergo significant shock”.
Bohrer believes this downturn will be a “short-term phenomenon” and expressed confidence in a strong, albeit measured recovery of Japan's business economy, attributing its ability to mend to the resilience of the Japanese people.
Nishimura & Asahi has held a special management meeting today to decide how best to put together a package for a pro bono contribution to help victims of the recent string of natural disasters. The details of the package has yet to be publicly announced.ALB
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