Tokyo Electric Posts $7.4B Loss

Tokyo Electric Power (TKECF) (TKECY), operator of the earthquake damaged Fukushima Daiichi nuclear power plant, reported Tuesday that its losses for the latest quarter amounted to ¥572 billion or $7.4 billion, including the cost of cleanup and victim compensation. Tokyo Electric could face trillions of yen in claims from the March 11 earthquake and tsunami which caused tremendous damage and lead to meltdowns at three reactors.More than 100,000 residents were forced to evacuate the area around the site. Japan's agricultural industry has suffered serious damage as well.