Japan's Largest Banks To Merge, Nuclear Reactors Shut Down, OIl Power Plants to be Used...

UFJ and Tokyo Mitsubishi will merge. Financial terms have not been disclosed. The two banks will have combined assets of roughly 1.7 trillion dollars (US)...US Bank Citibank has assets of 1.4 trillion dollars (US).

Kansai Electric Power Co (KEPCO) will close all of it's nuclear power plants after the accident on Friday in Mihama. To cover the gap in power production they are starting up two unused heavy oil power plants and estimate they will be able to cover for customer's needs.

In a related topic, Oil hit an all time high on the NYMEX yesterday trading at $45.50/barrel at the end of trading. What a great time to pick to use oil power plants...when oil is the most expensive it has ever been in the history of the world. Kudos to the ass backwardness of Japan's bureaucracy.