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Cablegate: Tokyo Media Reaction - China and Global

VZCZCXRO4567
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #0684 0740220
ZNR UUUUU ZZH
P 140220Z MAR 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 2555
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 6643
RUEHNH/AMCONSUL NAHA 9034
RUEHNAG/AMCONSUL NAGOYA 5158
RUEHKSO/AMCONSUL SAPPORO 7247
RUEHOK/AMCONSUL OSAKA KOBE 0316
RUEHBJ/AMEMBASSY BEIJING 2218
RUEHMO/AMEMBASSY MOSCOW 2168
RUEHUL/AMEMBASSY SEOUL 8266
RUCNDT/USMISSION USUN NEW YORK 8835
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 000684

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 - CHINA AND GLOBAL
ECONOMY

1. LEAD STORIES: Most Friday morning papers led with
the yen's rapid appreciation against the dollar to the
highest level in 12 years.

2. "Constant Vigilance Needed against Chinese Strategy"
The conservative Sankei editorialized (3/14): "It was
revealed during congressional testimony by PACOM
Commander Adm. Keating that a senior PLA official
proposed that the U.S. and China split and control the
Pacific.... The proposal cannot be dismissed as a joke.
China's proposal that it take control of the Pacific
west of Hawaii offers a glimpse of its ambition of
expanding its defense line, which is currently west of
Okinawa. This would be an important development
affecting Japan's security, including how Japan would
respond to a Taiwan contingency. If China trumpets its
'peaceful ascent' and wants to be recognized as a
'responsible stakeholder,' it needs to respect the
existing international order and strive to improve its
military transparency. It is necessary for the U.S. and
Japan to pay closer attention to China's military and
diplomatic strategies and call for explanations."

3. "Yen's Surge Hits Japanese Economy" On the dollar's
plunge against foreign currencies, the top-circulation,
moderate Yomiuri said in an editorial (3/14): "It
appears that the global stock plunge was halted and
market anxiety eased following the recent decision by
the FRB and four European central banks to provide a
massive injection of credit into the financial
market.... The most serious concern is that the end is
not yet in sight for a resolution of the subprime loan
crisis. As the USG and FRB are viewed as not having
effective measures at their disposal to ensure
financial stability, disappointment is mounting among
market players."

4. "Trust in Dollar in Peril" The business-oriented
Nikkei's senior writer Takita wrote in a front-page
commentary (3/14): "The yen's surge against the dollar
to the highest level in 12 years is a byproduct of 'bad
dollar depreciation' arising from distrust in the U.S.
economy.... It is critical that the U.S. take thorough
measures to deal with the losses incurred by the
collapse of the 'housing bubble.' Despite the Bush
administration's rejection of the idea, infusing public
funds into banks that lack a solid capital base is also
an option, so long as a bank's management takes
responsibility."

SCHIEFFER

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