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Cablegate: Tokyo Media Reaction - Global Financial

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2871 2890413
ZNR UUUUU ZZH
P 150413Z OCT 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7945
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 0376
RUEHNH/AMCONSUL NAHA 2729
RUEHNAG/AMCONSUL NAGOYA 8443
RUEHKSO/AMCONSUL SAPPORO 0949
RUEHOK/AMCONSUL OSAKA KOBE 4122
RUEHBJ/AMEMBASSY BEIJING 5833
RUEHMO/AMEMBASSY MOSCOW 2564
RUEHUL/AMEMBASSY SEOUL 1833
RUCNDT/USMISSION USUN NEW YORK 2090
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 002871

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 - GLOBAL FINANCIAL
TURBULENCE

1. LEAD STORIES: Most Wednesday morning papers gave top
play to Tuesday's announcement by President Bush on a
policy package designed to stabilize the financial
markets centering on the injection of $125 billion in
public funds into major banks.

2. "Crisis Did Not Go Away" On the global rebound in
stock prices, the top-circulation, moderate Yomiuri
editorialized (10/15): "Resolve expressed by the G7 to
mobilize all means available in order to contain the
crisis appears to have proven a success for the time
being. However, much more needs to be done in order to
overcome the financial crisis, which is said to be
tantamount to the Great Depression in the 1930s."

3. "International Community Needs to Reaffirm Unity"
The liberal Tokyo Shimbun insisted (10/15): "The world
is confronted with an emergency equivalent to the Great
Depression. The role of the government is critically
important. The decisions by the U.S. and European
governments to inject public money into banks, though
quite unusual from a historical viewpoint, are
defendable, considering a massive loss that could have
incurred if nothing were done.... However, concern
remains as to whether policies taken by each government
will lead to financial protectionism. Nations must be
extra careful not to benefit at the expense of others."


SCHIEFFER

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