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Cablegate: Tokyo Media Reaction - G8 Financial

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #1629/01 1680155
ZNR UUUUU ZZH
P 160155Z JUN 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 5076
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 8375
RUEHNH/AMCONSUL NAHA 0751
RUEHNAG/AMCONSUL NAGOYA 6643
RUEHKSO/AMCONSUL SAPPORO 8961
RUEHOK/AMCONSUL OSAKA KOBE 2082
RUEHBJ/AMEMBASSY BEIJING 3919
RUEHMO/AMEMBASSY MOSCOW 2360
RUEHUL/AMEMBASSY SEOUL 9916
RUCNDT/USMISSION USUN NEW YORK 0333
RHEHAAA/NSC WASHDC

UNCLAS SECTION 01 OF 02 TOKYO 001629

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 - G8 FINANCIAL
MINISTERIAL, JAPAN-DPRK RELATIONS, AND REFERENDUM ON EU
TREATY IN IRELAND


1. LEAD STORIES: All Monday morning papers led with the
aftermath of Saturday's major earthquake in northern
Japan.

2. "Statements Alone Cannot Stop Inflation" The liberal
Mainichi editorialized (6/16): "In a joint statement,
G8 finance ministers pledged to take a concerted line
in order to stabilize the global economy. However,
mutual coordination via words alone will backfire by
triggering market turmoil. U.S. monetary officials have
repeatedly made statements warning against a weak
dollar and inflation. But without taking action to
follow through on such statements, they will end up
deepening distrust among market players.... The U.S. is
urged to keep in mind that a delay on its part in
hiking interest rates would pose an even more serious
challenge to the world economy."

3. "Despite Differences, Closer Coordination Still
Needed" The liberal Tokyo insisted in an editorial
(6/15): "There appears to be policy disarray among G8
members, with Japan looking at a cut in interest rates,
while the U.S. remains neutral about its own rates, and
the Europeans are exploring a rate hike. This could
lead to a dangerous situation. The financial market
could conclude that coordination among G8 members is
not working if each member takes action independently
in order to prioritize its own domestic economic
situation."

4."U.S. Must Not Hurriedly Delist North Korea" The
conservative Sankei stated in an editorial (6/14):
"Behind North Korea's change in attitude toward the
abduction issue is apparently its hope that it can get
the U.S. to move quickly to delist it as a state
sponsor of terrorism. Pyongyang's release of an
antiterrorism statement just ahead of the Japan-DPRK
meeting was also done with this in mind.... The
Japanese people will be displeased if it turns out the
recent round of Japan-DPRK negotiations was aimed at
courting U.S. attention. Given the lack of substance in
North Korea's proposals, the U.S. is urged not to
easily delist North Korea."

5. "Identity with Nation-State or with Europe?" The
liberal Mainichi wrote in an editorial (6/15): "The
shock (regarding Ireland's rejection of the Lisbon
Treaty) was palpable, as the nation is viewed by other
members as one that has benefited from its membership
in the EU. The other members should analyze and deal
with the setback in the view that public skepticism
about deeper EU integration is a problem common to all
of them."

6. "France, Germany Concerned about Stalemate in EU
Integration" On Ireland's rejection of the Lisbon
Treaty, the top-circulation, moderate Yomiuri wrote
(6/15): "French President Sarkozy and German Chancellor
Merkel are worried not just about a potential impasse
over EU organizational reform but also about a halt in
EU integration in the long run, which would make it
very difficult for Europe to become a locus in the
global political and economic worlds."

TOKYO 00001629 002 OF 002

SCHIEFFER

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