Japan moves to rebuild after quake

Combined news reports

As Japan grappled with the aftermath of a devastating earthquake, Prime Minister Naoto Kan, in an emotional nationally televised address, told viewers "we have to hang tough" as the island nation dealt with the scale of what will be a massive rebuilding effort.

"Our country faces its worst crisis since the end of the war 65 years ago," an emotional Kan said during a nationally televised news conference in Tokyo Sunday. "I'm convinced that working together with all our might the Japanese people can overcome this."

Chief Cabinet Secretary Yukio Edano said Sunday the economic impact from the disaster will be "considerable."

Japanese officials said they plan to compile a package to fund the rebuilding effort, a step that may worsen the challenge of reining in the world's biggest public debt. It will be "difficult" to compile the extra spending package before March 31, Finance Minister Yoshihiko Noda said.

The Bank of Japan, the central bank, set up an emergency task force and said it would continue to supply liquidity to the financial market to maintain stability. It supplied 55 billion yen, or about $672 million, to 13 financial institutions.

Some of the nation's largest manufacturers -- including Sony Corp., Honda Motor Co., Nissan Motor Co. and beer maker Sapporo Holdings Ltd. -- shut down facilities in northern Japan.

Sony plans to halt output at eight factories and said its plant in Miyagi prefecture that makes Blu-ray discs, magnetic tapes and optical discs, was flooded. Toshiba closed a plant that makes sensors for the cameras in its mobile phones.

Toyota, the world's biggest carmaker, will suspend production at 12 factories in Japan to confirm the safety of the employees. Nippon Steel Corp. suspended operations at its Kamaishi plant in Iwate prefecture because of flooding.

JX Nippon Oil & Energy Corp., a refiner, also shut operations.

Japan's Nikkei 225 Stock Average tumbled 1.7 percent, led by insurers, as the earthquake struck less than 30 minutes before the market closed. The yen strengthened 1.3 percent against the dollar.

Tokyo Disney Resort will be closed until at least March 21, depending on the state of transportation and infrastructure around the park, operator Oriental Land Co. said. No major damage to the park's facilities was reported, it said.