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Cablegate: Tokyo Media Reaction - U.S. Financial Crisis

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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2880 2900832
ZNR UUUUU ZZH
P 160832Z OCT 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7980
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 0407
RUEHNH/AMCONSUL NAHA 2760
RUEHNAG/AMCONSUL NAGOYA 8474
RUEHKSO/AMCONSUL SAPPORO 0980
RUEHOK/AMCONSUL OSAKA KOBE 4153
RUEHBJ/AMEMBASSY BEIJING 5863
RUEHMO/AMEMBASSY MOSCOW 2565
RUEHUL/AMEMBASSY SEOUL 1863
RUCNDT/USMISSION USUN NEW YORK 2120
RHEHAAA/NSC WASHDC

UNCLAS TOKYO 002880

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. FINANCIAL CRISIS

1. LEAD STORIES: Front-page items on Thursday morning
included the plunge in the NYSE on Wednesday.

2. "U.S. Needs to Take Next Step" The conservative
Sankei editorialized (10/16): "The U.S. announced an
injection of public funds into major financial
institutions as part of its measures to deal with the
current financial crisis. This is a move to give shape
to the action plan centering on an injection of public
money that was compiled by the U.S., Japan, and
European nations at their G7 meeting last week. The
stock markets, which have fallen into a panic, appear
to have recovered their composure following the move by
the U.S., the source of the current crisis. However,
the financial crisis will not be over soon. The U.S.
needs to swiftly take the next step by discussing the
details of its Emergency Economic Stabilization Act,
which was signed into law on October 3."

SCHIEFFER

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