Japan finalizes quake compensation

TOKYO, April 21 (UPI) -- The Japanese government will create a new entity to compensate victims of the accident at the Fukushima nuclear power plant, sources told The Yomiuri Shimbun.

The newspaper said the new organization will be able to secure millions of dollars in public funds through non-interest-bearing bonds when Tokyo Electric Power runs out of money to pay victims of the March 11 earthquake and tsunami.

The power company can borrow funds from the new entity and pay the money back in installments.

To make sure repayments don't fall behind, TEPCO will be placed under state control, the sources said, and the company's management will be monitored by the government.

Discussions on compensating victims are in the final phase, the newspaper reported.