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Cablegate: Tokyo Media Reaction - International Effects

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #0183 0240440
ZNR UUUUU ZZH
P 240440Z JAN 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 1203
RUEKJCS/SECDEF WASHDC PRIORITY
RUCPDOC/USDOC WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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RHHMHBA/COMPACFLT PEARL HARBOR HI//N541// PRIORITY
RHMFIUU/HQ PACAF HICKAM AFB HI//CC/PA// PRIORITY
RUHBANB/OKINAWA FLD OFC US FORCES JAPAN CP BUTLER JA PRIORITY
RHMFIUU/USFJ PRIORITY
INFO RUEHFK/AMCONSUL FUKUOKA 5671
RUEHNH/AMCONSUL NAHA 8065
RUEHNAG/AMCONSUL NAGOYA 4324
RUEHKSO/AMCONSUL SAPPORO 6277
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RUCNDT/USMISSION USUN NEW YORK 7987
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 000183

SIPDIS

SIPDIS

STATE FOR I/RF, PA/PR/FPC/W, IIP/G/EA, EAP/PD, R/MR,
EAP/J, EAP/P, PM;
USTR FOR PUBLIC AFFAIRS OFFICE;
TREASURY FOR OASIA/IMI;
SECDEF FOR OASD/PA;
CP BUTLER OKINAWA FOR AREA FIELD OFFICE;
PACOM HONOLULU FOR PUBLIC DIPLOMACY ADVISOR

E.O. 12958: N/A
TAGS: OIIP KMDR KPAO JA
SUBJECT: TOKYO MEDIA REACTION - INTERNATIONAL EFFECTS
OF U.S. ECONOMIC DOWNTURN AND DESTRUCTION OF EGYPTIAN
BORDER WALL BY PALESTINIANS


1. LEAD STORIES: Top stories on Thursday morning
included the finding that GM remained the world's
largest auto manufacturer, edging Toyota in global
sales.

2. "Dark Clouds Hanging over U.S. Economy" The liberal
Asahi editorialized (1/24): "If the fall in housing
prices in the U.S. comes to a halt, any recession in
that country would be short-lived. However, if housing
prices decline further, there could be a full-fledged
financial crisis with serious consequences for the
global economy. The risks in such a scenario are high.
Because the income tax cuts pledged by the USG are only
a one-time measure, the effects will be limited.
Chances are high that such radical remedies as an
injection of public funds into the banking sector will
be needed, in addition to further tax cuts, so as to
prevent a crisis.... Japan needs to be aware that the
dark clouds over the U.S. may spread across the world.
Financial authorities in various countries are facing
the challenge of how to engineer a soft landing for
their economies while averting a financial crisis. The
world must be prepared for uncertainty on the part of a
hegemonic power, as evidenced by the failed Iraq war
and the turbulence in the U.S. economy."

3. "U.S. Should Consider Using Public Funds" The
conservative Sankei argued (1/24): "Measures taken by
the U.S. thus far, such as a stimulus package and cuts
in interest rates, appear to be insufficient to tamp
down the subprime loan problem.... In the past, Japan
beefed up the capital basis of major banks with
taxpayer money in order to begin the process of
resolving nonperforming loans. The Bush administration
should not hesitate to inject public funds in order to
press U.S. financial institutions to address losses
from products related to subprime loans. The effects of
pump-priming measures will be limited unless the
bleeding is stopped."

4. "Destruction of Wall Demonstrates Serious Situation
in Gaza" The top-circulation, moderate Yomiuri's
correspondent wrote from Cairo (1/24): "The destruction
of a wall on the Egyptian border by Palestinians in
Gaza represents a challenge to the existing framework
of state control in the Middle East and reflects the
serious state of affairs in Gaza. While chances are
slim that this will develop into an international
incident, given that the purpose of destroying the wall
was to allow people to cross the border to buy bread,
the international community will have to act, as it has
been ignoring the isolation of the 1.5 million
Palestinians in Gaza on the grounds that the area is
effectively controlled by Hamas."

SCHIEFFER

© Scoop Media

 
 
 
 
 
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