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Cablegate: Tokyo Media Reaction - G-7

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #1015 1050224
ZNR UUUUU ZZH
P 140224Z APR 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 3420
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RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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RHMFIUU/USFJ PRIORITY
INFO RUEHFK/AMCONSUL FUKUOKA 7257
RUEHNH/AMCONSUL NAHA 9635
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RUCNDT/USMISSION USUN NEW YORK 9346
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 001015

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 - G-7


1. LEAD STORIES: There were no papers published on
Monday morning due to a press holiday. Broadcasters
reported on the wrap-up of the meeting of G-7 finance
ministers and central bank governors.

2. "G-7 Action Needed to Prevent Crisis from Worsening"
The business-oriented Nikkei editorialized (4/13):
"With financial authorities expressing concerns about
the seriousness of the current economic turmoil,
financial ministers and central bank governors of the
G-7 nations met and reconfirmed that they will act in
concert to stabilize financial markets and quickly
implement measures to prevent another crisis from
occuring.... U.S., Japanese, and European authorities,
all of which share a strong sense of crisis, expressed
their determination to cope with the current financial
problems. They failed, however, to present remedies to
remove concerns held by market players.... Anxious
market players are keeping their eyes on what kind of
action G-7 members will take."

3. "America's Preparedness Questioned" The liberal
Mainichi carried an editorial stating (4/13): "...Given
that market players are worried because they do not
know how deep the current financial problems are, the
remedies worked out by the G-7, including improved
information disclosure and risk assessment, seem to be
a first step in the right direction. However, the G-7
statement is mainly aimed at preventing another crisis
from occuring in the future and is unlikely to remove
the present concerns immediately. Whether the world can
overcome the current crisis, which originated in the
U.S., will depend on the extent of specific action to
be taken by the USG and FRB."

4. "Close Cooperation Necessary Among G-7 Nations" The
conservative Sankei's editorial stated (4/13): "Members
of the G-7 agreed on ways to stabilize financial
markets, including joint surveillance of major
financial institutions, in order to cope with the
financial crisis that has emerged in the U.S....
Continuing close coordination is needed to overcome the
current crisis.... In the U.S., the FRB has implemented
interest rate cuts and eased the monetary supply, and
the Bush administration has proposed tax cuts and
mortgage refinancing measures. However, market players
remain skeptical about the effectiveness of those
measures.... With a presidential election approaching,
the Bush administration remains cautions about the idea
of using public funds. However, it needs to do so to
ease market anxieties."

SCHIEFFER

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