Japan’s finance minister Yoshihiko Noda said on Tuesday that the shutdown of the Hamaoka Power Plant for at least two years may result in job losses and affect the country’s already fragile economy.

Noda said the government will examine the situation and take prompt actions to lessen the impact of the shutdown. However, he supported the government’s decision citing the safety issue.

The Chubu Electric Power Company, on Monday, decided to shut down the reactors following a request from the government over safety concerns of the Japanese people. This could lead to shortage of electricity when the demand rises in summer.

The substitute to the nuclear reactor may be the usage of thermal plants which could see a rise in the price of electricity, said a Reuters report.

Reports said the shutdown of the power plant will also affect major companies like Suzuki whose four domestic car and motorcycle plants are located near the facility. Apart from Japan, Suzuki has manufacturing plants in India and China.