Tokyo Electric Power Company (TEPCO), the operator of the Fukushima nuclear facility, admitted in a report released Friday that it downplayed the risks of a tsunami to the plant for fear of the financial and regulatory costs, AFP reported.

According to the report, the company was aware of the facility's insufficient defenses against natural disasters, but did not act because of fears they would be required to shut down the plant until severe accident measures were put in place.

"There was concern that if new severe accident measures were implemented, it could spread concern in the siting community that there is a problem with the safety of current plants," the Japanese company added in the report.

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