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Cablegate: Tokyo Media Reaction - U.S. Financial Crisis

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UNCLAS TOKYO 002776

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. FINANCIAL CRISIS

1. LEAD STORIES: Most Monday morning newspapers gave
top or front-page play to the summit among four
European leaders in Paris on Saturday, during which
they vowed to take all necessary steps to protect their
banking systems.

2. "EU Should Show Firm Coordination to Prevent
Financial Crisis" The business-oriented Nikkei
editorialized (10/6): "The financial crisis in the U.S.
is shaking the market and real economy of European
nations. Leaders of France, Germany, the UK, and Italy
held an emergency meeting in Paris and issued a joint
statement declaring that they will take all necessary
measures to prevent the current crisis (from affecting
their banking systems). They did not include in the
statement, though, the creation of a new fund to
support their banks. The EU will be tested whether it
will be able to realize coordination among its members
by overcoming their differing interests."

3. "Crucial Moments Still Ahead" The liberal Tokyo
Shimbun stated in an editorial (10/6): "The bailout
bill was passed in the U.S. Although the worst case
scenario was avoided for the time being, the problem
has not yet been fundamentally settled. The U.S. may
need to consider capital reinforcement of financial
institutions by using public funds."


SCHIEFFER

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