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Cablegate: Tokyo Media Reaction - G20 Financial Summit

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TO RUEHC/SECSTATE WASHDC PRIORITY 8728
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UNCLAS TOKYO 003127

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 - G20 FINANCIAL SUMMIT

1. LEAD STORIES: Top stories on Wednesday morning
included the detention of former Taiwanese President
Chen on graft charges, as well as yesterday's Diet
testimony given by former ASDF Chief of Staff Tamogami
concerning his controversial war essay.

2. "First Step toward Unity in New Era" On the upcoming
G20 financial summit, the liberal Mainichi
editorialized (11/11): "Advanced countries are not
allowed internal disarray over who takes the initiative
in the meeting. If the summit becomes a venue for
confrontation, participants will be forced to pay the
price by the market.... Daunting tasks await the
leaders, such as how to share the economic and
financial load that has been excessively borne by the
U.S. economy and the dollar, as well as what needs to
be done to put the global economy back on a growth
track while preventing financial markets from running
amok."

3. "Summit Must First Prevent Crisis from Spreading"
The business-oriented Nikkei insisted in an editorial
(11/11): "What is worrisome about the summit is the
possible emergence of disarray among the participants.
The likelihood that President Bush will not be able to
put forward effective measures due to his leaving
office is also a source of concern. Given the
situation, the summit should prioritize discussions on
how to weather the ongoing crisis and look for an
agreement on the roles that each member state should
fulfill. While tightening financial regulations and
enhancing the role of the IMF is important, it is not
realistic to expect a swift accord on these points."

SCHIEFFER

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