Japan to sign international treaty

November 19, 2014

Diet approves nuclear compensation treaty

http://www3.nhk.or.jp/nhkworld/english/news/20141119_23.html

Nov. 19, 2014 - Updated 06:56 UTC+1

Japan's Diet has approved a bill to join an international treaty on sharing the costs of compensation in a nuclear disaster.

The bill on the Convention on Supplementary Compensation for Nuclear Damage cleared the Upper House on Wednesday.

The treaty obliges the signatories to set aside the equivalent of 47 billion yen, about 400 million dollars, to compensate victims in a nuclear accident.

If the cost of compensation in Japan exceeds its reserve, other signatories would provide around 60 million dollars more. Conversely, Japan would have to contribute about 34 million dollars to help compensate for a nuclear accident in another country.
The treaty will be ratified after passage of another bill requiring nuclear plant operators to contribute to the reserve.

The government expects the treaty to encourage foreign companies to join the cleanup and decommissioning of reactors at the Fukushima Daiichi nuclear power plant.

Five countries have signed the convention so far, including the United States and Argentina.