The Wall Street Journal reported today that Tokyo Electric Power Co. (TEPCO) is plummeting on uncertainty about the company’s future:
Shares of Tokyo Electric Power Co. hit a 34-year low Monday as speculation grew about a possible government takeover of the company, which faces multibillion-dollar losses from its nuclear disaster.
A spokesman for Prime Minister Naoto Kan said nationalization isn’t on the agenda, but Japan was abuzz with talk about how the company, known as Tepco, could handle its liabilities.
“There is a strong possibility the current legal framework may not be adequate to solve the situation. The solution then will be temporary nationalization of the company,” said Yoshimi Watanabe, leader of the opposition Your Party, at a news conference Friday.