Japanese officials said on Sunday they were committed to nuclear power after the prime minister called for a plant to close, but that the target of obtaining half of Japan's electricity from nuclear power by 2030 needed a rethink.
Prime Minister Naoto Kan has called for the closure of a nuclear plant in central Japan, citing the risk of another disastrous quake after the Fukushima Daiichi plant, in the northeast of the country, was destroyed by the March 11 earthquake and tsunami.
Nearly 26,000 people were killed or are still missing after the quake and tsunami which triggered the world's biggest nuclear disaster since Chernobyl in 1986. The plant is still leaking radiation.
The call to shut down the Hamaoka plant signalled a potential shift in energy policy, and while the government says other plants will be unaffected, it could embolden anti-nuclear movements.
Several thousand protesters marched through central Tokyo on Saturday to welcome Kan's call to shut down Hamaoka and urging him to push for further closures.
Deputy Chief Cabinet Secretary Yoshito Sengoku said that Japan would remain committed to nuclear power, although Trade Minister Banri Kaieda, who oversees energy policy, said Japan's target must be reviewed.
"With regard to energy policy, we set the target last June of increasing nuclear power to 50 percent by 2030, but we will have to rethink this," Kaieda said on Fuji TV.
"We must put more effort into renewable energy, and that will become one trigger for (economic) growth."
Chubu Electric Power Co is leaning towards closing the plant as requested and could make the decision at a board meeting as early as Monday, media said.
Asked whether he would seek the closure of other nuclear plants, Kan told reporters on Sunday: "That won't be the case," adding that Hamaoka had an especially high risk of being hit by a massive earthquake.
Japan last year vowed to boost the share of electricity generation through nuclear power to 50 percent by 2030 from the current 30 percent by building at least 14 new reactors.
Government experts put the chance of a magnitude 8.0 quake hitting the Hamaoka area in the next 30 years at 87 percent, which raises questions over why it was built there in the first place.
The magnitude 9.0 quake on March 11 crippled cooling systems at Fukushima Daiichi, operated by Tokyo Electric Power .
Of 54 reactors in commercial use in Japan, 32 are under planned or unplanned maintenance and operators may face resistance to restarting them.
Board members of Chubu, which serves major manufacturers, including Toyota Motor Corp , postponed a decision on Saturday on whether to temporarily close Hamaoka.
Chubu spokesman Akio Miyazaki said another board meeting would be held on or after Monday. The Nikkei business daily said the board would meet on Monday.
Yomiuri newspaper said Chubu was likely to comply with Kan's request to close Hamaoka, with a capacity of 3,617 megawatts, pending introduction of quake and tsunami safety measures -- but only after it finds ways to supply power in a stable fashion. Two of the plant's three working reactors are in operation.
Chubu says it can meet this fiscal year's peak demand of 25,600 MW even if Hamaoka shuts. But the Yomiuri newspaper, quoting a company executive, says the company may have to consider "rolling blackouts" in very hot weather.
Miyazaki said relying on thermal plants to make up shortfalls if Hamaoka closes would push up costs by 700 million yen ($8.7 million) per day -- or about 256 billion yen a year. That could overturn the firm's projected profit of 130 billion yen in the year to March 31, 2012.
Chubu chairman Toshio Mita was in Qatar to discuss possible procurement of liquefied natural gas, Miyazaki said. ($1 = 80.630 Japanese Yen)
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.
If the cartel does not reach a deal to cut output, prices could fall below $40 a barrel
European air travel giant Lufthansa has been battling its own pilots over pay and conditions for more than two years.
Failure to get an accord on Wednesday could send oil prices tumbling and deal a further blow to the credibility of the 56-year-old Organization of the Petroleum Exporting Countries.
Around midday, shares in Italian lenders Unicredit and Banco Popolare were down 4 percent compared with Friday's closing levels.
Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.
The announcement comes as the country is gearing up for a key election next year, with the parties in Chancellor Angela Merkel's grand right-left coalition keen to woo ageing voters.