business. steve is live in london. steve, good morning. reporter: very good morning to you. it feels like a form of coordinated central bank action. we have seen the federal reserve is going to pump in $40 billion per month as long as they need to to buy mortgage backed securities to try to stimulate the economy and ultimately to create jobs as well. the latest, the bank of japan, that is going to add to the 70 trillion announced in make that 80 yen around 1 trillion u.s. dollars. bank of england expected to follow suit. we have had news from the ecb that is it going into the markets to keep rates low. elsewhere, in corporate news, bank of america is speeding up the job reduction program. they are going to cut 16,000 jobs by the end of the year. that s ahead of schedule on a longer term plan to trim the size of bank of america of
to 10% by 2015, amid fears that the country may become the next greece. japan has the highest debt-to-gdp ratio in the developed world and the fastest aging population. after the tsunami and nuclear crisis, the ruling party says it s pay now or possibly default later. cnn cnn s kyung lah. reporter: they are proposing an increase in the national sales tax. this bottle of sake costs 1,000 yen or about 10 u.s. dollars. the national sales tax is currently at 5%. so on the 1,000 yen bottle of sake, i had to pay 50 yen in taxes. under the current proposal, by 2014, the tax would jump to 8% or 80 yen for the bottle of
live from cnn london and hong kong, you re watching world business today, welcome back. tepco is to provide a road map today for bringing its quake-hit reactors under control. that would likely include booking billions of dollars in net losses and the decommissioning of its crisis hit reactors. tepco s share price certainly taking a hit on that news. ramie inocencio joining us. ramy, investors didn t like what they heard. the thought of billions of dollars in losses as well as the loss of the future reactors would make investors nervous about tepco. that s what we re seeing in reaction to tepco shares today. let me bring up this chart right here. today tepco shares tumbled the most since april 5th, closing down more than 9.5% at close, 380 yen a share. this is adding to massive decline since march 11th, the
last night, the irish police received a warning about a device which would be on some form of public transport. it was discovered on a private bus just outside dublin. the passengers were evacuated and the devices made safe after about two hours. it was defused. this can is coming now three hours before the queen is supposed to touch down at the girng of a four-day states visit. this is the largest security operation in the history of the irish state. some 10,000 police and army are guarding various roots and vantage points around dublin city and beyond. there is a serious disruption to commuters trying to travel into dublin to work this morning. they ve been asked to use only public transport. the government is hoping that this visit will do so much for the country of ireland in terms of tourism and relations between britain and ireland that they re hoping the irish public will be able to forgo the disruption to their lives over the next few days. thank you. those are th