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Cablegate: Tokyo Media Reaction - U.S. Economy

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P 310658Z OCT 08
FM AMEMBASSY TOKYO
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UNCLAS TOKYO 003041

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. ECONOMY

1. LEAD STORIES: All Friday morning papers gave top
play to the additional economic stimulus package
announced on Thursday by the Japanese government.

2. "U.S. Economic Slowdown Clear" The liberal Mainichi
wrote (10/31): "The U.S. announced on Thursday that its
economy shrank at a 0.3 percent annualized rate in the
July-September quarter this year, marking the first
downturn in three quarters. This clearly demonstrates a
slowdown in the U.S. economy, which caused the current
financial crisis. The economies of Japan, Europe, and
emerging nations are cooling due to declines in their
exports to the U.S. A worldwide recession is looking
more likely."

3. "U.S. to Compile Additional Economic Stimulus
Measures?" The business-oriented Nikkei stated (10/31):
"Following the Fed's decision on additional interest
rate cuts at its Open Market Committee on Wednesday, it
is increasingly likely that the USG will compile
additional economic pump-priming measures as soon as
year's end. The Democratic Party, which is expected to
win in the presidential and congressional elections on
November 4, is preparing an additional package and
plans to hold discussions on its size and contents as
early as mid-November. It is possible that the Federal
Reserve Board will make an additional move to ease the
money supply."

SCHIEFFER

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