Japan: TEPCO President Steps Down Over Fukushima Nuclear Crises

Masataka Shimizu, the president of Tepco, stepped down Friday amid spiraling financial losses related to the ongoing nuclear crisis at the crippled Fukushima Dai-ichi power plant. Shimizu's resignation was widely expected, and it came on the same day the utility, commonly known as TEPCO, reported the biggest losses in the history of the company.

"The Fukushima crises has caused a caused a considerable amount of anxiety and burdened the public tremendously," Shimizu told reporters. "Considering those factors, I must take responsibility. It's important to draw a line, right now."

A magnitude 9.0 earthquake and tsunami on March 11th crippled the Fukushima reactors, and sparked the world's worst nuclear disaster since Chernobyl. Three reactors went into meltdown, after the cooling systems failed. More than two months after the crises began the reactors continue to spew radiation, as workers have faced one setback after another, in their efforts to stabilize the reactors. Some 80,000 residents living near the nuclear plant remain displaced, and will not be allowed to return home for at least a year.