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Cablegate: Tokyo Media Reaction - Global Economy

VZCZCXRO3622
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2532 2600835
ZNR UUUUU ZZH
P 160835Z SEP 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7247
RUEKJCS/SECDEF WASHDC PRIORITY
RUCPDOC/USDOC WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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RUHBANB/OKINAWA FLD OFC US FORCES JAPAN CP BUTLER JA PRIORITY
RHMFIUU/USFJ PRIORITY
INFO RUEHFK/AMCONSUL FUKUOKA 9865
RUEHNH/AMCONSUL NAHA 2225
RUEHNAG/AMCONSUL NAGOYA 7977
RUEHKSO/AMCONSUL SAPPORO 0441
RUEHOK/AMCONSUL OSAKA KOBE 3606
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RHEHAAA/NSC WASHDC

UNCLAS TOKYO 002532

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 ECONOMY

1. LEAD STORIES: There were no papers published on
Tuesday morning due to a press holiday. Broadcasters
gave top play to the announcement on Monday by Lehman
Brothers that it has filed for bankruptcy protection.

2. "Avoiding Worst-Case Scenario for Global Economy"
The liberal Asahi editorialized (9/15): "...The
Department of the Treasury took control last week of
Fannie Mae and Freddie Mac, the two troubled housing
mortgage insurance firms. The move was one step short
of nationalization.... However, there is no end in
sight to the crisis in the U.S. financial system and
the deterioration of the global economy. On the
contrary, they are both likely to worsen. If the dollar
were to collapse due to the financial crisis and a
recession in the U.S., the damage to the global economy
would be immeasurable. As they look to prevent a worst-
case scenario while searching for a path toward
recovery, the U.S. and world economies will likely face
rough going in the days ahead."

SCHIEFFER

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