Japan nuke plant rocked by 2nd blast

SOMA, Mar 14 (Agencies): The second hydrogen explosion in three days rocked a Japanese nuclear plant Monday, devastating the structure housing one reactor and injuring 11 workers. Water levels dropped precipitously at another reactor, completely exposing the fuel rods and raising the threat of a meltdown. The morning explosion in Unit 3 of the Fukushima Dai-ichi plant was felt 25 miles (40 kilometers away), but the plant's operator said the radiation levels at the affected reactor were still within legal limits. Hours later, officials reported that the fuel rods at another reactor, Unit 2, were fully exposed, at least temporarily. Authorities began pouring sea water into that unit to re-cover the rods - as they are at the plant's two other troubled reactors after cooling system failures in the wake of Friday's massive earthquake and tsunami, which killed at least 10,000 people. The latest explosion triggered an order for hundreds of people to stay indoors, said Chief Cabinet Secretary Yukio Edano. However, Japan's government said that another hydrogen explosion is unlikely at a quake-hit nuclear power plant, where engineers are struggling to cool down three reactors. Operator TEPCO said a fuel rod meltdown could not be ruled out after cooling water levels dropped sharply at the number-two reactor, Jiji Press reported. But chief government spokesman Yukio Edano said that ongoing work to cool that reactor would hopefully stabilise the situation. The risk of a nuclear meltdown after Japan's earthquake brought back the nightmare of Chernobyl for Ukraine on Monday even as experts predicted it would not compare with the world's worst nuclear disaster. Meanwhile, Japanese stocks tumbled Monday and the central bank pumped a record amount of cash in a bid to soothe money markets shaken by Japan's biggest-ever earthquake, a devastating tsunami and a nuclear emergency. The government expects a "considerable" economic impact from the huge earthquake and devastating tsunami that plunged the nation into what Prime Minister Naoto Kan called its worst crisis since the Second World War. Economists say it is still too early to assess the cost of the destruction from the record 8.9-magnitude quake and the 10-metre wall of water that laid waste to swathes of the northeastern coast and triggered an atomic emergency. But some other economists warned that the electricity cuts following damage to Tokyo Electric Power's nuclear power plants in Fukushima and other facilities, could have a significant impact on the economy. The official death toll is expected to rise substantially to more than 10,000. The quake and tsunami have damaged or closed down ports, although airports such as Tokyo's Narita have reopened. Transport infrastructure such as train lines and roads have been crippled along parts of the northeast. Share price of nuclear plant operator TEPCO dived almost 24 per cent on fears of a meltdown at one of its reactors while producers such as Sony and Toyota tumbled as power shortages prompted blackouts and factories remained closed, hurting production. The Bank of Japan (BoJ) said it would pump a record 15 trillion yen ($184 billion) to help stabilise the short-term money market, making good on its pledge Sunday that it would unleash "massive" funds following the quake. An additional 6.8 trillion yen will be deployed Tuesday and Wednesday, including 3.0 trillion in bond purchases, bringing the total available to 21.8 trillion yen. The BoJ will also double a five trillion yen asset purchase scheme to help buffer the economy from Japan's strongest ever quake, and left its key rate left at between zero and 0.1 per cent. Tokyo stocks plunged 6.18 per cent Monday with the key Nikkei index tumbling below 10,000 to 9,620.49 as top Japanese firms suspended operations. The yen briefly touched a four-month high before easing against the dollar on the massive liquidity injection. It surged to 80.60 against the greenback, the highest since November 9, and hovered around 82 after the fresh explosion at Fukushima as engineers battle to avoid a meltdown. In overnight Asian trade, the dollar tumbled as low as 80.62 yen, which was a level last seen on November 9. However, the greenback then rebounded as high as 82.45 after the Bank of Japan announced a huge liquidity injection in a bid to stabilize markets. It stood at 81.93 yen in late morning London deals. The priority of the central bank is to ensure financial institutions in disaster-hit regions do not run out of funds. Over the weekend it provided them with 55 billion yen to ease the pressure before Monday's fresh fund move. A central bank representative said the operation to immediately make funds available was unusual and added the liquidity injection could continue depending on conditions. The bank also wants to send a strong message that funds are available in order to prevent any public panic that they may not be able to access cash, he said. Concerns spread that repatriation of overseas funds by Japanese institutions, particularly insurance companies could lead to a further rise in the yen. Meanwhile, several Asian governments said Monday they would screen food imported from Japan for radiation after one of the country's nuclear power plants was damaged by a massive earthquake and tsunami. Hong Kong, Malaysia, the Philippines, Singapore and Taiwan said they would take precautionary measures after two explosions at the ageing Fukushima plant 250 kilometres (160 miles) northeast of Tokyo. Report from New Delhi adds, India's prime minister ordered safety checks on nuclear power plants Monday, seeking to reassure the public as the country embarks on a massive atomic power drive. In the wake of Japan's problems, Manmohan Singh told parliament that the department of atomic energy had been "instructed to undertake an immediate technical review of all safety systems of our nuclear power plants."