On Wed, a 7.4 magnitude earthquake struck just off the coast of Japan, killing four and injuring another 150 in Soma, Fukushima.
It struck just days after the 11th anniversary of a devastating earthquake that killed over 16,000 people and triggered the Fukushima nuclear disaster. Last week's quake caused a power outage at the facility but there was no danger.
The earthquake is yet another supply chain fiasco for Toyota and the once-predictable auto industry. Whether it's Ukraine, the pandemic or disasters like this, automakers don't know what's coming month-to-month. Look for Toyota and others to curb production as a result.
Japan is hard at work with other nations to heal the Asia-Pacific's supply chain woes. It's vital to diversify investment and share tech to minimize disruptions, and national governments can help pave the way.
It's time for global supply chains to reinvent themselves. The current hyper-efficient "just in time" model doesn't work well in our disruptive world. Being more environmentally friendly, relying on local production, and increasing disaster resilience are all options to build a better supply chain future.