[ti:Quake, Tsunami May Only Add to Economic Struggles for Japan ] [ar:Steve Ember] [al:IN THE NEWS] [by:www.51voa.com] [00:00.00]This is IN THE NEWS [00:05.86]in VOA Special English. [00:08.89]The earthquake that shook Japan [00:11.19]with historic strength [00:13.20]on Friday created a tsunami wave [00:16.75]ten meters high. [00:18.50]The water washed away boats, [00:21.25]cars and houses [00:23.34]in coastal areas north of Tokyo. [00:26.93]It also led to tsunami warnings [00:30.61]across the Pacific. [00:32.60]Scientists recorded the magnitude [00:35.64]of the earthquake at 8.9. [00:38.40]The United States Geological Survey says [00:42.03]it was the fifth largest earthquake [00:45.13]since nineteen hundred. [00:47.04]The largest, with a 9.5 magnitude, [00:51.86]shook Chile in nineteen sixty. [00:55.01]The quake struck near the east coast [00:58.04]of Honshu, Japan's main island. [01:00.88]It was centered under the sea [01:03.63]about one hundred thirty kilometers [01:06.23]east of Sendai. [01:08.03]The tsunami washed away [01:11.16]whole neighborhoods in Sendai. [01:13.25]President Obama offered [01:16.24]whatever assistance Japan needs. [01:18.88]He had already planned to meet [01:21.81]with reporters Friday, and began [01:24.65]by talking about the disaster. [01:27.01]BARACK OBAMA: "First and foremost, [01:28.70]our thoughts and our prayers [01:30.54]are with the people of Japan. [01:32.34]This is a potentially [01:34.54]catastrophic disaster [01:35.70]and the images of destruction [01:37.50]and flooding coming out of Japan [01:39.64]are simply heartbreaking. [01:40.80]"Japan is, of course, [01:43.51]one of our strongest [01:44.28]and closest allies and this morning [01:46.92]I spoke with Prime Minister [Naoto] Kan. [01:48.81]On behalf of the American people, [01:50.74]I conveyed our deepest condolences, [01:52.94]especially to the victims [01:54.78]and their families. [01:55.67]And I offered our Japanese friends [01:57.12]whatever assistance is needed. [01:58.97]We currently have an aircraft carrier [02:02.75]in Japan and another is on its way." [02:05.44]Japanese media said the tsunami [02:08.33]carried away a ship [02:10.03]carrying one hundred people. [02:11.98]Television images showed [02:14.27]a whole community on fire. [02:16.32]The quake has produced [02:18.83]powerful aftershocks. [02:20.92]It also raised concerns [02:23.11]about possible effects [02:25.25]on the world's third-largest economy. [02:28.51]The economy was the second largest [02:31.79]until China recently [02:33.88]moved into that position. [02:35.78]Japan was already struggling [02:38.77]to rebuild economic growth [02:41.21]and reduce its budget deficit [02:44.25]and government debt. [02:46.20]Japan has invested a lot of resources [02:49.54]in preparing for earthquakes. [02:52.42]Still, the nineteen ninety-five [02:55.11]earthquake in Kobe caused an estimated [02:58.25]one hundred billion dollars in damage. [03:01.53]The value of the yen [03:03.97]dropped Friday but then recovered. [03:07.13]Japan is the world's third-largest [03:10.91]importer of oil. [03:13.01]World prices for oil fell after the quake. [03:17.44]This followed weeks of increases [03:20.37]because of unrest in the Middle East [03:23.62]and North Africa. [03:25.56]Oil traders said prices fell [03:29.36]because of a belief that quake damage [03:32.70]will hurt growth in Japan [03:35.14]and reduce demand for energy. [03:38.55]The quake happened about three hundred [03:41.83]seventy kilometers northeast of Tokyo. [03:44.80]It shook buildings in the capital, [03:47.98]halting all train and subway traffic [03:52.10]and leaving many people unable to get home. [03:55.68]Joruji Shinozaki wrote [03:59.37]on the VOA Learning English page [04:02.13]on Facebook: [04:03.06]Friday's earthquake was a nightmare. [04:06.46]Suddenly the building where I live [04:09.34]in Tokyo shook violently [04:11.73]and objects began to fall. [04:14.68]I was so scared because I've never [04:18.01]experienced such a strong quake [04:20.52]before in my life. [04:23.01]Another Facebook user in Japan, [04:26.40]Mitsutoshi Sato, wrote: [04:29.29]It was a frightening experience. [04:31.59]The blackout lasted for more than [04:34.84]10 hours around me. [04:36.43]Thank each and every one of you [04:39.77]in the world praying for Japan. [04:42.16]And that's IN THE NEWS [04:44.95]in VOA Special English. [04:47.55]I'm Steve Ember.