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Cablegate: Tokyo Media Reaction - Global Economy

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #0279 0350200
ZNR UUUUU ZZH
P 040200Z FEB 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 1473
RUEKJCS/SECDEF WASHDC PRIORITY
RUCPDOC/USDOC WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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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 5886
RUEHNH/AMCONSUL NAHA 8282
RUEHNAG/AMCONSUL NAGOYA 4515
RUEHKSO/AMCONSUL SAPPORO 6494
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RUCNDT/USMISSION USUN NEW YORK 8178
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 000279

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 - GLOBAL ECONOMY


1. LEAD STORIES: Most Monday morning papers led with
follow-up stories on food poisoning cases suspected of
being caused by frozen Chinese-made dumplings.

2. "Coordination among G-7 Nations Necessary" The
liberal Mainichi editorialized (2/3): "The U.S. economy
appears to be slowing, as America's gross national
product stopped growing and unemployment is increasing.
Despite the Fed's drastic rate cuts, prospects for the
future remain bleak... The biggest problem of the U.S.
economy is concern about an increase in nonperforming
loans in financial institutions that could impair their
credit. The U.S. should concentrate its efforts in
putting forward measures to cope with the subprime loan
crisis and other financial concerns... European nations
share U.S. concern about the unstable financial market.
Leaders of the UK, France, Germany, and Italy met to
discuss the issue... A meeting of G-7 finance ministers
and central bank governors will be held in Tokyo on
February 9. Coordination among the G-7 members is
necessary to stabilize the market and prevent the
current situation from developing into a crisis."

SCHIEFFER

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