Economic losses in the regions of Japan that were hit by a massive earthquake will reach around 14 trillion yen to 15 trillion yen ($171-$183 billion) based on information available today, Credit Suisse said in a research note.

Credit Suisse chief economist Hiromichi Shirakawa said economic losses from the quake-hit region of northeastern Japan would likely be "slightly less than 40 per cent" of the 40 trillion yen in total economic losses seen from the Kobe earthquake in 1995.

Mr Shirakawa said losses from the quake on Friday would likely be smaller due to the lower number of office buildings, commercial facilities and highways in the affected regions.

He also said there had been no reports of big collapses of major manufacturing facilities.

Reuters