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Cablegate: Tokyo Media Reaction - U.S. Presidential

VZCZCXRO5144
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #3095 3120313
ZNR UUUUU ZZH
P 070313Z NOV 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 8618
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 0829
RUEHNH/AMCONSUL NAHA 3190
RUEHNAG/AMCONSUL NAGOYA 8879
RUEHKSO/AMCONSUL SAPPORO 1401
RUEHOK/AMCONSUL OSAKA KOBE 4614
RUEHBJ/AMEMBASSY BEIJING 6260
RUEHMO/AMEMBASSY MOSCOW 2597
RUEHUL/AMEMBASSY SEOUL 2247
RUCNDT/USMISSION USUN NEW YORK 2449
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 003095

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. PRESIDENTIAL
ELECTION

1. LEAD STORIES: Most Friday morning papers led with
Toyota Motor's earning forecasts for fiscal 2008, which
project a 73.6 percent drop in group operating profits
from the previous year.

2. "Obama to Face Rough Road Ahead" The liberal
Mainichi contends (11/7): "... Sen. Obama will take
office amid the U.S.-originated financial crisis, which
caused a worldwide economic slowdown... Although an
Obama administration will likely place importance on
the government's role in the economy, possible public
spending without financial backing will only grow
fiscal deficits. Deterioration of state finance could
further hurt the credibility of the U.S. and trigger
the collapse of the dollar. Although Obama hopes to
create an American-style welfare state while
maintaining the dynamics of the U.S. economy, he will
likely face a rough road ahead."

3. "Obama to Strengthen Oversight on Banks?" The
moderate Yomiuri wrote (11/7): "... President-elect
Obama's economic policies show his interest in the
concept of a 'big government.' He pointed out the need
for strengthened oversight and regulation of financial
institutions in view of the lax surveillance system
under the Bush administration that allowed banks to
conduct profit-first management. Although Obama has yet
to present specific plans, he will likely modify the
Bush administration's policy of minimizing the
government's role in the economy."

4. "'Obamanomics' Vulnerable": The conservative Sankei
claimed (11/7): "... There is vulnerability in
President-elect Obama's economic policy... If the USG
spends more to rescue automakers and implements
additional pump-priming measures on top of its pledged
public funds injection into financial institutions, its
fiscal deficits will certainly grow. That could evoke
international distrust of the dollar and prompt capital
flight from the U.S. by boosting long-term interest
rates."

SCHIEFFER

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