Moving across the tokyo area, some areas have seen some flood warnings put in place already. Were still looking at the threat of more rainfall throughout thursday and these large waves cascading ahead of the storm system. Some video coming out of the shizuoka area the rain and the waves are already coming on shore, as much as 12 to 13 meters high. The tomi expressway has been shut down. 40 flights have been canceled for honshu and shuk oaku. So if you have travel plans for western or central japan, be ready for delays and cancellations. You may want to postpone them until the storm passes by the time we go into friday and saturday. But this is expected to come on shore during the overnight hours. Winds gusting about 216 kilometers per hour. Its expected to weaken slightly before landfall. Dry air interacting with the storm in the western flank, baugh all that moisture is still wrapping around the eastern periphery. 162 kph winds. You have mounds out here and all the moisture, the storm is making landfall at a 90 degree angle, that moisture will be hitting the mountains and theres a very serious threat of flooding and landslides. Upwards of 1100 millimeters of total precipitation is possible. The last time we saw say storm like this was talas in 2011, about 2,000 millimeters of rainfall. Definitely a serious situation well continue to monitor. Robert will be back later in the program with more in world weather. Now lets shift our attention to greece where lawmakers have just cleared a key hurdle for keeping the country from going bankrupt. For the details, were joined by Ramin Mellegard from our business desk. Yuft in time. Time was a little bit of a pressure there, and we did see that lawmakers were working past midnight to put the finishing touches on a structural reform bill. They finally passed legislation that should pave the way for a fresh bailout. The measure was a requirement of eu leaders. The austerity plans include pension reform and higher tax rates. Some members of the tax rate opposed the bill with the legislation approved greece has moved one step closer to getting an additional loan of 85 billion euros or about 90 billion from the european lenders. Analysts say attention is now focus on whether eurozone nations will improve another round of bailout talks. Thousands of greeks gathered outside the Parliament Building some threw firebombs, Police Responded with tear gas. Local television reports show burning cars and shattered shop windows. Now the chair of the u. S. Federal reserve has returned to capitol hill to update lawmakers on her plans. Janet yellen again hinted on the timing of a rate hike. She told the House Financial Services committee, that prospects are favorable for further improvement in the u. S. Labor market and the economy more broadly. If the economy evofls as we expect, Economic Conditions likely would make it appropriate at some point this year to raise the federal funds rate target. Yellen also commented on a note by officials of the International Monetary fund saying the feds should wait until the first half of next year for the rate hike. An advantage to beginning a little bit earlier is that we might have a more gradual path of rate increases. She said gradual hikes could head off any harmful effects on the economy. U. S. Stock prices closed slightly lower after yellens comments. The tug of war in the Greek Parliament had been casting a shadow on market sentiments. Lets see how markets here are reacting. We go to to the tokyo stock exchange. What are you seeing how is this affecting tokyo stocks this morning . Good morning, ramin. Many key factors played into Investors Sentiment one of which was the stronger dollar after yellens comments and a slew of positive american data. But i guess investors cannot be too aggressive in buying especially after the protests in athens. Lets see the opening levels for the nikkei and the topix for this saidthursday, july, 16th. The nikkei is opening above 20,500. Havent seen that in a while. The topix is up half a percent. Over on wall street, though, the dow broke a fourday winning streak, just a touch lower at 18,050 and the nasdaq lost about a tenth of a percent. U. S. Stocks were initially higher as u. S. Producer Price Inflation rose more than expected. Winners included black rock and the bank of america, but the market reversed those gains on protests outside the Greek Parliament. Yesterday we had a lot of strrl bank actions and data releases. One of which is the bank of japan, that left its policy unchanged. The bank of canada though cut rates, and chinas gdp came in just above estimates. But i guess for most people it was miss yellen who took center stage. But many market watchers say she didnt give any surprises when she said the feds on track to raise rates this year. Well switching from rates to currencies, give us some of the levels for some of the key pairs. Ramin, talking about rates still talking about rates, many think the rate hike will occur as early as september, so the dollar iss ring about 1 against the yen from earlier this week. Dollar yen around 123. 90 almost reaching 124. The euro rebounded just a touch after greek lawmakers voted yes to the reform plan, but it still remains weak. The euro fell over 2 from its peak on monday now around 1. 0939. We should also watch out for gold prices that fell to their lowest level in eight months overnight in new york because if the fed raised rates, it would fail to compete in yieldbearing assets. Its said the situation in grease is not likely to become a factor. But yesterday there was opposition in ruling over a security bill, so market watchers are saying we should keep an eye on political issues back home. Thats it for now. That you thank you, mayu. This week were presenting a threepart series to japanese communities. For a second installment, we meet a Business Owner whos created a use for forest waste. Hes come up with a product with all kinds of applications, and hes also helping to create local jobs at the same time. Reporter it looks like paper, but this is timber sliced wafer thin. A single sheet is just 0. 1 millimeters thick. The maker says its the thinnest wood in the world. Its produced here in tokushima. 70 of this prefecture is covered by forest. Many of japans forests have been neglected. Kiyomi kondo has started a business that not only creates a unique product, but also replenishes the forest. Translator we need to thin the forest. But timber cant be sold or, rather, nobody will buy it. So i tried to create a business in wood paper. Reporter no one had cut timber this thin before. Kondo had to develop the technology himself. Thin doesnt mean weak. For added strength, japanese washi paper is pasted to the timber strips. This process transforms forest waste into a flexible wood paper. Its mainly used for wallpaper and other building materials, but kondo and his customers are finding new uses all the time. Translator this is a bag made of wood paper. The material can be sewn with thread. Reporter corsages are also popular. So are paper cranes. The wood grains add a warm texture. One International Fashion designer came up with a novel use by making the material into a dress. Wood paper is creating Job Opportunities for disadvantaged people in the local community. This is largely due to kondos efforts. Workers here paste the material together. They have no trouble handling it because its so light. This woman has been working here for five years. She was feeling depressed after heart surgery. Creating things with wood paper is an activity she felt comfortable doing. Two years ago kondo arranged a trip to a sacred site for japanese buddhism. She says one of the highlights was seeing prayer tablets created from wood paper she had made. Translator it was moving to visit a place where our products are used. Im so happy. I have found something worth working hard for. Translator businesses should exist to share life and hardship. A company in regional areas can be competitive in the global market. I think a business using timber can help achieve that goal. Reporter for kondo, its the wood grain texture that makes this material special. He is planning to export the material to china, europe, and the United States. And thats it for Business News for this hour. Ill leave you with a check on the markets. Members of japans lower house will soon vote on a set of security bills. The legislation aims to expand the role of the countrys selfdefense forces and allow the country to exercise its right to collective selfdefense. A Lower House Committee voted in favor of the bills on wednesday. Opposition lawmakers surrounded the Committee Chair protesting the vote. The Lower House Steering Committee held an executive meeting to discuss how to deal with the bills. The governing and opposition blocs were divided. The Committee Chairman decided to put the bills to a vote on thursday at a full session. A demonstration outside the diet against the legislation grew larger after wednesdays vote. The organizer estimates more than 25,000 people eventually joined the protest. Senior lawmakers of the Ruling Liberal Democratic Party met on wednesday night. They confirmed the party should unite to enact the bill. Leaders of five opposition parties agreed not to take part in the vote on thursday. They said they cannot accept the bills being rammed through. A senior u. S. Government official has welcomed the outcome in the Lower House Committee. Assistant secretary of state frank rose said he hopes japans diet will pass the National Security bills. Rose gave a speech in tokyo on the u. S. japan alliance. He said the bills are a matter for japan to discuss but he suggested theyre a step in the right direction. We strongly support a robust japan that can cooperate effectively with the United States across the full spectrum of security challenges we face. Rose said the u. S. Wants japan to be an ally that can help deal with newly emerging challenges. A top japanese official is heading to china. Hes expected to discuss the timing of a summit between the leaders of the two countries. Shotaro yachi is japans National Security secretary in chief. Hell meet yang jiechi. Who oversees foreign diplomacy. Chinese government officials have invited Prime Minister abe to an event on september 3rd, when the country will mark the end of world war ii. Its being called the 70th anniversary of the victory in the war of resistance against japanese aggression. During his fiveday tour yachi will also visit mongolia to meet the National Security council secretary. The estimated price tag for a new National Stadium in tokyo has sparked debate within the japanese government. Some officials are calling for the design plan to be reviewed because of the rising construction costs. Japans sports minister said last month that construction of the main stadium for the 2020 Tokyo Olympics and paralympics will cost 2 billion 2 billion. Thats 700 million more than the initial estimate. Some are criticizing the revision. Translator i think the education and Sports Ministry needs to fully explain to the public to gain understanding. Some officials are calling for measures to lower the costs. Theyve suggested holding off on completion until after the 2019 Rugby World Cup to be held in japan. And others want a redesign. But people who worked to win the olympic bid oppose a review. They argue they would have to consider holding another international sdoin competition, and they say a delay could endanger completion of the stadium in time for the summer games. The operator of the crippled Fukushima Daiichi Nuclear Plant has decided to resume dismantling the cover of the number 1 reactor building. Officials with Tokyo Electric Power comp company say the work will begin later this month. The dismantling is part of efforts of decommissioning the facility. The number 1 reactor building was damaged by a hydrogen explosion. Tepco workers installed the cover to prevent Radioactive Material from dispersing. The officials initially planned to start dismantling the cover last year to clear away radioactive rubble and spent nuclear fuel stored inside a pool in the building. The plan was postponed several times because of concerns about the dispersal of radioactive substances. Engineers also found a problem with a device that controls the air flow in the building when dismantling work was set to begin in may. The engineers say theyve addressed the problem. Tepco officials decided to resume the dismantling work on july 28th as long as weather conditions permit. As part of the plan, chemical agents will be sprayed to prevent radioactive dust from being released into the air. Engineers plan to remove the six roof panels in about four months. Among the survivors of the atomic bomb of hiroshima and nagasaki are thousands of koreans and other foreigners. Some offered a medical subsidy from the japanese government, but many living overseas are still not getting the care they deserve. Reporter hapchoen south korea, this town had the highest number of atomic bomb victims in the country. Well known survivor is this 72yearold man who works for a group that supports other south korean victims from the attacks. More than 20,000 atomic bomb survivors are thought to have returned to south korea. About 3,000 hold atomic bomb survivor certificates a document issued by the japanese government. Certificate holders receive about 2,400 a year this pays for medical expenses in their home countries. But many fallen victim have not been approved. Its difficult to find witnesses to prove they were exposed to radiation. Translator it must be devastating to die without receiving this certificate. This woman is one survivor. She was 4 years old when hiroshima was bombed. In 2010 she went for cancer certainly. She had recently been suffering from acute pain in her hands and weight loss. Translator one day i noticed some yellow pus. My hands were in acute pain and have swelled up like this many times. I went to the doctor and got an injection, but it didnt help. Reporter she suspects her condition was from exposure to radiation and has considered applying for the certificate. But she cant prove she was a victim. She has almost no memory of the event and all of her immediate family members have passed away. Translator my parents and older brother have passed away. Because im on my own now, i cant do anything about it. Reporter this man was 22 when he was caught up in the bombing. He was repositioned to work at the ship yard in hiroshima. He finally received a certificate last march. The blast left him with serious injuries. He didnt receive proper treatment, and he continued to suffer after retiring to korea. Today, he is bedridden at a nursing home. His son looks after him. Back from japan, he has Trouble Holding on to work because of disabilities. A leg injury and inflamed skin. His wife suspects him and five children with her meager earnings from farm work. Translator my father has suffered so much. He cooperateuldnt work because of his physical condition, and he probably still carries the bitterness in him. 70 years after the bombing, he was finally granted a certificate, after his name was found listed on a payroll in a japanese government ararchivechivearchive. Many survivors are not even aware they are eligible for subsidies, and for those who are, time is unrunning out. South korean prosecutors say they will arrange for the return of a buddhist statue stolen from a shrine in japan. Japanese experts believe the old statue was made in the Korean Peninsula and brought to japan. The japanese government has designated it an Important National cultural asset. It disappeared three years ago from a shrine in tsushima city. Nagasaki prefecture. The prosecutors say theyll return the statue to japan as early as thursday. They acknowledged the shrine as the legitimate custodian. They say they have confirmed no one in japan obtained the statue illegally and no one in south korea claims ownership. South korean authorities are Still Holding another statue stolen from a temple also in tsushima city. The temple wants it back, but a south korean temple has claimed to be the original owner. The Supreme Leader of the taliban in afghanistan has sent a rare message to the media. He referred for the first time to the direct talks held last week between the Afghan Government and the taliban. Patchari raksawong at our bureau in bangkok has more. In a rare message for the reclusive leader, mullah omar backed the direct talks between the taliban and kabul saying they are legitimate. The talks hosted by pakistan were the first officially recognized direct negotiations between the two warring parties. Concurrently with armed jihad the International Community has welcomed the direct talks, but many analysts remain skeptical about whether theyll lead to fullfledged peace negotiations. Hardliners within the taliban are calling for a complete withdrawal of International Troops in afghanistan as a precondition for starting peace talks. The taliban has carried out suicide attacks in kabul on the same day of the attacks. Its time now to get another check of the weather. Robert speta joins us again with an update on the tyvon heading towards japan and weather conditions elsewhere. Lets start off with the typhoon here because i still want to mention it here. Its continuing to near the coastline of shik oaku expected to make landfall thursday night to friday morning. A threat is going to be the rainfall. Some parts could see upwards of 120 millimeters in a onehour period. Intense downpour is likely when it comes onshore, especially hitting the mountainous terrains, and the winsds on top will be an issue. Not just japan impacted, but parts of china over towards shanghai as much as 100 to 120 millimeters of precipitation. And the that will impact the philippines, manila with a high of 30 on your thursday. To the southern hemisphere, i want to talk about whats going on in south america, because we have this frontal line which isset up from bolivia to brazil bringing widespread rainfall. The flooding is quite serious across this area where it just has been taking place. One casualties has been reported. One injury as well. Intense video of a boat getting swept away there. A motorcyclist died from strong winds that dragged him. Intense rains have hit 50 neighborhoods. 26 people were stranded along this river. Its a very serious situation on down here. As far as the forecast is concerned, the front is drifting towards the east but not far enough. Were still looking at scattered rain showers over the next several days. Hopefully it lets up and we get some drainage. Thunderstorms still erupting across the Northern Plains the one that brought all the Severe Weather earlier this week is moving to the east. But this one bringing the threat of large hail damaging winds and really just drift off towards the ohio river valley as it does go ahead. I also want to mention, our hurricane, a category three, this is delleres out here. Good news its staying offshore heading towards the northwest. Ill leave you now with your extended outlook. Thats all for this edition of newsline. Im kathryncatherine kobayashi in tokyo, thanks for joining us
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