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Cablegate: Tokyo Media Reaction - Financial Crisis

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2935 2950829
ZNR UUUUU ZZH
P 210829Z OCT 08
FM AMEMBASSY TOKYO
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UNCLAS TOKYO 002935

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 - FINANCIAL CRISIS

1. LEAD STORIES: All Tuesday morning papers gave top or
front-page play to a monthly economic report publicized
by the Japanese government on Monday that downgraded
the nation's monthly economic evaluation for the second
time in three months.

2. "Summit Should Present Roadmap to Overcome Financial
Crisis" The business-oriented Nikkei editorialized
(10/21):"An emergency G8 summit will be held in
November in the U.S. that will also include such major
emerging economies as China and India to discuss ways
to overcome the current financial crisis. Although it
is significant that leaders of those nations will meet
in person, it is possible that the results of the
summit could disappoint the market. Participants will
be tested as to whether they will be able to draw a
clear roadmap for the international financial system by
learning the lessons of the current crisis."

3. "Summit Should Come up with Clear Measures" The
moderate Yomiuri opined in an editorial (10/21): "What
kind of remedies for the current financial crisis,
which has spread not only to developed nations but also
to emerging economies, will the upcoming financial
summit be able to work out? The role of the summit will
be important.... If the leaders fail to do nothing more
than express their resolution, the market will be
disappointed.... The U.S., which has been hesitant to
take action, is now cooperating with Europe. The U.S.,
Japan, and Europe should take the lead in crafting
effective and specific measures through close
coordination."

4. "Summit Should Pave the Way for New Global Financial
Framework" The conservative Sankei contended in an
editorial (10/21): "...As the financial crisis is said
to be the biggest since the Great Depression, it is
significant that leaders of the main players in the
world economy will gather to discuss measures to deal
with it. We welcome this.... If the summit fails to
produce more effective measures than the G8 action
plan, the market will be disappointed and might
experience further turbulence. The meeting must not
turn into a blame game due to the presence of such
emerging economies as China and India.... As
globalization is accelerating, the international
community will fail unless it creates a new system that
can deal with a world economy that includes emerging
economies. It needs to overcome the current crisis and
pave the way for a new global financial framework."

SCHIEFFER

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