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Cablegate: Tokyo Media Reaction - Global Economy

VZCZCXRO6355
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2580 2630233
ZNR UUUUU ZZH
P 190233Z SEP 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7337
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
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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 9921
RUEHNH/AMCONSUL NAHA 2281
RUEHNAG/AMCONSUL NAGOYA 8028
RUEHKSO/AMCONSUL SAPPORO 0497
RUEHOK/AMCONSUL OSAKA KOBE 3662
RUEHBJ/AMEMBASSY BEIJING 5393
RUEHMO/AMEMBASSY MOSCOW 2532
RUEHUL/AMEMBASSY SEOUL 1392
RUCNDT/USMISSION USUN NEW YORK 1693
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 002580

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: All Friday morning papers gave top or
front-page play to the announcements on Thursday by the
world's top central banks, including the Bank of Japan,
to pump more than $180 billion into short-term money
markets in a coordinated effort to ease the global
credit crunch.

2. "Every Possible Effort Should Be Made to Stabilize
Markets" The liberal Asahi editorialized (9/19): "The
U.S.-originated financial crisis is spreading rapidly
throughout the world... We hope financial authorities
of the U.S., Japan, and Europe will take appropriate
measures to protect their financial systems... The U.S.
government rescued the American International Group
(AIG) while abandoning Lehman Brothers. It cast a
dollar-supply net throughout the world when the market
was shaken. Actions by U.S. authorities appear too
slow... It is important to make swift decisions and
take every possible measure."

3. "Crisis Enters New Stage" The liberal Mainichi
stated in an editorial (9/19): "Central banks of the
U.S., Japan, and Europe took coordinated emergency
action to prevent the financial crisis from
spreading... The move indicates the shift of the crisis
from concern about bankruptcies of individual financial
institutions to a more serious stage where malfunction
of the entire financial system is worried... Financial
authorities of the U.S., Japan, and Europe need to take
appropriate cooperative action by closely sharing
information."

4. "Coordinated Action Reflects Spread of Financial
Crisis" The business-oriented Nikkei wrote in an
editorial (9/19): "...The concerted action by the U.S.,
Japan, and Europe appears to reflect the fact that the
financial crisis that was triggered by the bankruptcy
of Lehman Brothers is spreading worldwide. We hope
financial authorities of each nation will make
additional efforts to stabilize the financial markets
by further reinforcing their coordination."

SCHIEFFER

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