South Korea's government will keep close tabs on international grain prices and the energy supply situation following Wholesale Batterylast week's massive quake that devastated Japan, a senior official said Monday.
Vice Finance Minister Yim Jong-yong said in a meeting with lawmakers that Seoul is preparing for all contingencies, including sudden spikes in grain prices and energy costs, as Japan, Wholesale Computersthe world's third-largest economy, tries to cope with the natural disaster.
The record 9.0 magnitude quake hit the country's northeastern region on Friday and is estimated to have caused damage equal to at least 1 percent of Japan's gross domestic product. The massive quake and tsunami that followed left thousands of people missing, disrupted power production and halted production of numerous businesses.
The official said aLASER POINTERS task force made up of Korea Gas Corp. and five local power producers plans to monitor liquefied natural gas (LNG) and coal prices that may be affected by the quake. Supplies of grain and fisheries products will also be checked carefully, he said.
Energy prices may go up because 10 of Japan's 54 operational commercial nuclear reactors have gone offline following the earthquake. This could cause a rise in demand for fossil fuel. Japan's relativelyalisarasuzan low grain reserves could trigger demand as relief efforts get under way to feed displaced people.
Besides checking international commodities prices, Yim said special inspections will be carried out on South Korea's 21 atomic reactors and oil bunkers that could be vulnerable toCharlesmatten natural disasters.
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