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Cablegate: Tokyo Media Reaction - U.S. Economy

VZCZCXRO0668
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #0542 0600731
ZNR UUUUU ZZH
P 290731Z FEB 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 2136
RUEKJCS/SECDEF WASHDC PRIORITY
RUCPDOC/USDOC WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
RUYNAAC/COMNAVFORJAPAN YOKOSUKA JA PRIORITY
RHHMUNA/HQ USPACOM HONOLULU HI PRIORITY
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 6381
RUEHNH/AMCONSUL NAHA 8776
RUEHNAG/AMCONSUL NAGOYA 4936
RUEHKSO/AMCONSUL SAPPORO 6986
RUEHOK/AMCONSUL OSAKA KOBE 0049
RUEHBJ/AMEMBASSY BEIJING 1945
RUEHMO/AMEMBASSY MOSCOW 2146
RUEHUL/AMEMBASSY SEOUL 8008
RUCNDT/USMISSION USUN NEW YORK 8594
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 000542

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 - U.S. ECONOMY


1. LEAD STORIES: Top stories on Friday morning included
a Tokyo Shimbun report from Beijing on China's alleged
proposal regarding North Korea's nuclear declaration.

2. "Risk of U.S. Economic Slowdown Increasing" The
business-oriented Nikkei editorialized (2/29): "The
risk is growing for the U.S. economy, which leads the
world economy, to slow. Its housing market has been
experiencing a downturn and financial institutions and
the financial market have been hurting. The U.S. should
immediately take all possible measures to deal with the
abnormal economic situation, which appears similar to
what Japan experienced following the burst of its
'bubble economy'... Under the current economic
slowdown, which was triggered by the housing slump, the
malfunction in the financial system is complicating the
situation. There are mounting tasks for the USG,
including the removal of credit insecurity about
monoline insurance companies. The USG and FRB should
define what the problems are and make a prompt move to
deal with those problems."


SCHIEFFER

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