Japan economy will grow from July: BoJ

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TOKYO, Apr 15 (BBC): The governor of the Bank of Japan (BoJ) has said the economy will expand between July and September this year as the country rebuilds itself following the earthquake and tsunami. "Most private economists believe that Japan's GDP growth rate will turn positive again in the third quarter of 2011 onwards," Masaaki Shirakawa said. He also said Japan would not have trouble financing the reconstruction. The economy is expected to contract between April and June. The two disasters on 11 March have left 28,000 people dead or missing. The nuclear safety crisis triggered by the earthquake and tsunami has disrupted supply chains. Manufacturers are facing electricity shortages going into the peak summer season. Meanwhile, the Japanese government has ordered the operator of the nuclear plant damaged by last month's quake and tsunami to pay compensation to affected families. About 48,000 families who lived within 30km (18 miles) of the Fukushima Daiichi plant will be eligible. The compensation is described as provisional, with payouts -- expected to be 1 million yen ($12,000, £7,331) per family -- beginning on 28 April. Plant operator TEPCO is still trying to stabilise the nuclear facility. "Tokyo Electric Company (TEPCO) is to make an urgent and speedy payment in order to compensate for the losses incurred by evacuation and orders to stay indoors," said chief government spokesman Yukio Edano. "The basic idea is that one household will receive 1 million yen. We think that such an amount is necessary as a provisional payment," he said.