The share price of the utility behind the Fukushima Daiichi nuclear meltdowns leapt by a third the day after Japan elected a new government hoping to revive the country's nuclear power industry, the Daily Telegraph observed.
Tokyo Electric Power Co. (Tepco) closed up 32.9 percent at ¥202 ($2.39) on Monday, following the landslide victory of incoming prime minister Shinzo Abe's pro-business Liberal Democratic Party. Likewise, shares in Japan's Chubu Electric Power Co. and Kansai Electric Power Co. jumped 9.59 percent and 17.6 percent respectively, to ¥1,188 ($14.09) and ¥920 ($10.91).
NUCLEAR KNOCK DOWN
All three utilities have shut down nuclear reactors in the wake of Fukushima, as part of a countrywide closure of 52 of Japan's 54 reactors, only some of which were expected to reopen.
Abe hopes to reverse the anti-nuclear swing. "The LDP's supportive stance on the role of nuclear power has also fueled speculation that Japan could see the reactivation of more reactors as long as they clear safety standards to be set by the Nuclear Regulation Authority, an independent regulatory body launched in September," The Mainichi newspaper said in a Kyodo News story.