Nikkei 225 closes up after audit finds tsunami funding was ‘misspent’
City Index October 31, 2012 4:15 PM
<p>The Nikkei 225 closed higher today after an audit revealed the tsunami fund is being wasted.</p>
The Nikkei 225 in Tokyo closed higher this morning (October 31st) after a government audit found the money intended for funding reconstruction projects after the March 2011 tsunami has been used for unrelated developments.
According to the BBC, builds financed by the $150 billion (£93 billion) kitty include an advertising campaign for Japan's tallest building, support for whaling research and roads in Okinawa.
Deputy mayor of Rikuzentakata Takashi Kubota told the Associated Press there have been no new buildings yet, even though half the town's houses were destroyed by the tidal wave.
The Japanese government has passed numerous supplementary budgets to fund reconstruction efforts in affected areas, but the audit revealed that unrelated work has been supported by the kitty on the basis it could boost the economic revival.
At close of play today, the Tokyo Nikkei 225 was higher by nearly one per cent to 8928.2 points.
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