Myanmar's earthquake death toll jumps to over 1,000 as more bodies recovered from rubble
Bangkok, Mar 29 (AP): The death toll from a powerful 7.7 magnitude earthquake in Myanmar jumped to over 1,000 on Saturday as more bodies were pulled from the rubble of the scores of buildings that collapsed when it struck near the country's second-largest city.
The country's military-led government said in a statement that 1,002 people have now been found dead and another 2,376 injured, with 30 others missing. The statement suggested the numbers could still rise, saying “detailed figures are still being collected.”
Myanmar is in the throes of a prolonged and bloody civil war, which is already responsible for a massive humanitarian crisis. It makes movement around the country both difficult and dangerous, complicating relief efforts and raising fears that the death toll could still rise precipitously.
The earthquake struck midday Friday with an epicentre not far from Mandalay, followed by several aftershocks including one measuring a strong 6.4 magnitude. It sent buildings in many areas toppling to the ground, buckled roads, caused bridges to collapse and burst a dam.
In neighbouring Thailand, the quake rocked the greater Bangkok area, home to some 17 million people — many of whom live in high-rise buildings — and other parts of the country.
Bangkok city authorities said so far six people have been found dead, 26 injured and 47 are still missing, most from a construction site near the capital's popular Chatuchak market.
When the quake hit, the 33-story high-rise being built by a Chinese firm for the Thai government wobbled, then came crashing to the ground in a massive plume of dust that sent people screaming and fleeing from the scene.
On Saturday, more heavy equipment was brought in to move the tons of rubble, but hope was fading among friends and family members of the missing that they would be found alive.
“I was praying that that they had survived but when I got here and saw the ruin — where could they be? In which corner? Are they still alive? I am still praying that all six are alive,” said 45-year-old Naruemol Thonglek, sobbing as she awaited news about her partner, who is from Myanmar, and five friends who worked at the site.
“I cannot accept this. When I see this I can't accept this. A close friend of mine is in there, too,” she said.
Waenphet Panta said she hadn't heard from her daughter Kanlayanee since a phone call about an hour before the quake. A friend told her Kanlayanee had been working high on the building on Friday.
“I am praying my daughter is safe, that she has survived and that she's at the hospital,” she said, Kanlayanee's father sitting beside her.
Myanmar's government said blood was in high demand in the hardest-hit areas. In a country where prior governments sometimes have been slow to accept foreign aid, Min Aung Hlaing said Myanmar was ready to accept assistance.
A 37-member team from the Chinese province of Yunnan reached the city of Yangon early Saturday with earthquake detectors, drones and other supplies, the official Xinhua news agency reported.
Russia's emergencies ministry dispatched two planes carrying 120 rescuers and supplies, according to a report from the Russian state news agency Tass.
India sent a search and rescue team and a medical team as well as provisions, while Malaysia's foreign ministry said the country will send 50 people on Sunday to help identify and provide aid to the worst-hit areas.
The United Nations allocated $5 million to start relief efforts. President Donald Trump said Friday that the U.S. was going to help with the response, but some experts were concerned about this effort given his administration's deep cuts in foreign assistance.
The Trump administration's cuts to the United States Agency for International Development have already forced the United Nations and non-governmental organization to cut many programmes in Myanmar.
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What to know about possible impact of Japan's rate hike
Tokyo (AP): The Bank of Japan raised its key policy rate to a 30-year high on Friday in a widely anticipated move that could rattle world markets.
The two-day BOJ policy meeting wrapped up with the 0.25 per cent hike in its benchmark short-term rate. That took the policy rate to 0.75 per cent, its highest level since September 1995.
In a statement, the central bank said the decision was unanimous and that it expected to raise rates further if there are no major changes in the outlook for the economy.
The 0.75 per cent rate is still low by most standards, but the BOJ has kept that rate near or below zero for years, trying to pull the economy out of a deflationary funk. Since the pandemic, most other central banks, like the US Federal Reserve, have raised rates to counter spiking inflation and then begun cutting them to help their slowing economies recover momentum.
Japan's own economy contracted at a 2.3 per cent annual rate in the last quarter, but improved business sentiment and price pressures have led the BOJ to relent and raise rates. Here are some things to know about its decision.
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Japan's interest rates rise while other countries' fall
Since Japan's economic bubble burst in the early 1990s, the central bank has kept borrowing costs low to encourage more spending by businesses and consumers.
Lower interest rates have also helped the central bank manage the country's massive national debt, which amounts to nearly triple the size of the economy.
As Japan's population has aged and begun declining, its economy has slowed and that led to deflation, or falling prices due to weak demand. Even with cheap credit, investment has lagged, stunting economic growth.
In early 2013, the central bank launched what was dubbed a “big bazooka” of monetary easing, cutting interest rates and purchasing government bonds and other securities to help channel more money into the economy.
When the COVID-19 pandemic struck, the benchmark interest rate was at minus 0.1 per cent. The BOJ only began raising it in 2024, the first hike in 17 years, after inflation stabilised above its target of about 2 per cent.
A weaker Japanese yen has pushed inflation higher
The Japanese yen has weakened against the US dollar and many other major currencies. That has raised the cost, in yen terms, of imported food, fuel and other items needed to keep the world's fourth largest economy running.
The strong appetite for investing in dollar-denominated shares of companies linked to the artificial intelligence boom has also pulled money out of the yen and into dollars.
So inflation has risen faster than wages, squeezing household budgets and raising costs for businesses.
Higher interest rates are expected to raise the value of the yen against the dollar as investments flow into Japan seeking higher yen-denominated yields. Friday's move would signal the central bank's intention of continuing to “normalise” its monetary policy with further rate hikes next year.
“The BOJ's stance towards rate hikes reflects the fact that inflation is becoming entrenched," Kei Fujimoto, a senior economist at SuMi Trust, said in a commentary. “If drivers such as a further depreciation of the yen accelerate inflation going forward, it is possible that the pace of rate hikes will also increase accordingly.”
The dollar is worth about 156 Japanese yen, nearly twice its level in 2012 and near its highest level this year.
World markets are bracing for impact
Even small changes in interest rates can have a big impact on markets. A rate hike in Japan would undermine an investment strategy known as the “carry trade.” That involves investors borrowing cheaply in yen and then using that money to invest in higher paying assets elsewhere.
Any such major shift is likely to reverberate across world markets. Carry trades are lucrative when stocks and other investments are climbing, but losses can snowball when many traders face pressure to sell stocks or other assets all at once.
A rate hike also is expected to crimp demand for other assets, including cryptocurrencies. Reports last week that the BOJ would go ahead and raise rates caused the price of bitcoin, for example, to drop below USD 86,000. The original cryptocurrency had bolted to record highs near USD 125,000 in early October.
Risks for Japan
Judging the timing and scale of changes to interest rates and other monetary policies are the biggest challenge for central banks, given the time it takes for such moves to ripple throughout the real economy and financial markets.
Like the Federal Reserve, Japan's central bank struggles to balance the need to boost business activity and create jobs with the imperative of containing inflation.
The BOJ held off on raising rates earlier given uncertainties over how US President Donald Trump's tariffs might hit automakers and other exporters. A deal setting US duties on imports from Japan at 15 per cent, down from the earlier plan for a 25 per cent rate, has helped ease those concerns.
BOJ Gov. Kazuo Ueda has indicated he believes wages will continue to rise in Japan as companies compete for a shrinking pool of workers, helping to support growth.
Market watchers will be watching closely to see what Ueda says Friday about the outlook for future rate increases.
