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Cablegate: Tokyo Media Reaction - U.S. Bailout Plan

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UNCLAS TOKYO 002687

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. BAILOUT PLAN

1. LEAD STORIES: Front-page stories on Monday morning
included the resignation on Sunday of the land and
transport minister and a tentative agreement reached on
early Sunday morning between the Bush administration
and congressional leaders on a government proposal to
purchase up to $700 billion in troubled assets in
ailing U.S. financial institutions.

2. "It May Take Time to Stabilize U.S. Financial
System" The business-oriented Nikkei ran a report from
New York stating (9/29): "The bailout plan, which was
tentatively agreed between the Bush administration and
congressional leaders, is aimed at purchasing troubled
assets with public funds while minimizing the financial
burden on taxpayers. In order to achieve those two
contradictory goals, the housing market, which is the
main factor in the current financial crisis, needs to
bottom out quickly. However, the market will likely
remain stagnant. It may take time for the U.S.
financial system to recover its stability."

SCHIEFFER

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