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Cablegate: Tokyo Media Reaction - Oil Prices

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ZNR UUUUU ZZH
P 250423Z SEP 07
FM AMEMBASSY TOKYO
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INFO RUEHFK/AMCONSUL FUKUOKA 3316
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UNCLAS TOKYO 004432

SIPDIS

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 - OIL PRICES


LEAD STORIES: All Tuesday morning papers led with the
assignment on Monday of key party posts in the ruling
Liberal Democratic Party following the conclusion of
the election on Sunday of former Chief Cabinet
Secretary Fukuda as party president.

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SIPDIS

"Speculative Funds Flood Oil Market" The
top-circulation, moderate Yomiuri editorialized (9/25):
"It must be a side effect of the move by countries
around the world to ease monetary supplies. Crude oil
in New York hit a record high of $84 a barrel.
Ironically, the price surge accelerated immediately
after OPEC decided on a 500,000-barrel-a-day production
increase.... Many experts attribute the rise in oil
prices to an influx of speculative money, including
investment funds, rather than an increase in demand....
The most effective way to fundamentally put a halt to
rising oil prices would be to tighten monetary policy
worldwide and get investment funds out of the
commodities market. This kind of radical measure,
however, cannot be taken until the unrest in the market
set off by the subprime loan problem has settled
down.... We hope OPEC will consider an additional
production increase. Although the global economy has
continued to expand even in the face of high oil
prices, there are growing concerns about inflation."

SCHIEFFER

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