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Cablegate: Tokyo Media Reaction - Fannie Mae/Freddie Mac

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #1966 1980232
ZNR UUUUU ZZH
P 160232Z JUL 08
FM AMEMBASSY TOKYO
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RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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RUEHNAG/AMCONSUL NAGOYA 7099
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RUEHBJ/AMEMBASSY BEIJING 4397
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RUCNDT/USMISSION USUN NEW YORK 0792
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 001966

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 - FANNIE MAE/FREDDIE MAC
RESCUE

1. LEAD STORIES: Top stories on Wednesday morning
included a downward revision of the economic outlook in
Japan by the Bank of Japan, which predicted that this
fiscal year's real growth rate will be 1.2 percent, 0.3
point lower than the previous estimate in March.

2. "U.S. Forced to Resort to Public Funds" On the USG
package for rescuing Fanni Mae and Freddie Mac, the top-
circulation, moderate Yomiuri editorialized (7/16):
"...The USG made it clear that it will use public money
if necessary. While the Bush administration had been
negative about the use of taxpayer money, it has been
forced to make a policy turnaround. It apparently
reflects a strong sense of crisis on the part of the
administration.... Bankruptcy of the two semi-public
entities could trigger a global financial crisis,
resulting in a plunge of trust in the dollar and a
sharp decline in its value. It is a matter of course
for U.S. authorities to adopt an unusual rescue package
in order to avert such a scenario."

3. "Bold Stroke Holds Key" The liberal Tokyo insisted
in an editorial (7/15): "The financial turmoil
currently engulfing the U.S is far more serious and
complex in its scope and mechanism than the situation
Japan experienced before. Responding to the situation
is proving difficult. The crisis-management capability
of the U.S., which bears great responsibility for the
world economy, is being tested."

CEKUTA

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