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Viewing cable 08TOKYO2935, TOKYO MEDIA REACTION - FINANCIAL CRISIS

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Reference ID Created Released Classification Origin
08TOKYO2935 2008-10-21 08:29 2011-08-25 00:00 UNCLASSIFIED Embassy Tokyo
VZCZCXRO0241
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2935 2950829
ZNR UUUUU ZZH
P 210829Z OCT 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 8101
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 0497
RUEHNH/AMCONSUL NAHA 2853
RUEHNAG/AMCONSUL NAGOYA 8549
RUEHKSO/AMCONSUL SAPPORO 1070
RUEHOK/AMCONSUL OSAKA KOBE 4244
RUEHBJ/AMEMBASSY BEIJING 5943
RUEHMO/AMEMBASSY MOSCOW 2570
RUEHUL/AMEMBASSY SEOUL 1943
RUCNDT/USMISSION USUN NEW YORK 2185
RHEHAAA/NSC WASHDC
UNCLAS TOKYO 002935 
 
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 - FINANCIAL CRISIS 
 
1. LEAD STORIES: All Tuesday morning papers gave top or 
front-page play to a monthly economic report publicized 
by the Japanese government on Monday that downgraded 
the nation's monthly economic evaluation for the second 
time in three months. 
 
2. "Summit Should Present Roadmap to Overcome Financial 
Crisis" The business-oriented Nikkei editorialized 
(10/21):"An emergency G8 summit will be held in 
November in the U.S. that will also include such major 
emerging economies as China and India to discuss ways 
to overcome the current financial crisis. Although it 
is significant that leaders of those nations will meet 
in person, it is possible that the results of the 
summit could disappoint the market. Participants will 
be tested as to whether they will be able to draw a 
clear roadmap for the international financial system by 
learning the lessons of the current crisis." 
 
3. "Summit Should Come up with Clear Measures" The 
moderate Yomiuri opined in an editorial (10/21): "What 
kind of remedies for the current financial crisis, 
which has spread not only to developed nations but also 
to emerging economies, will the upcoming financial 
summit be able to work out? The role of the summit will 
be important.... If the leaders fail to do nothing more 
than express their resolution, the market will be 
disappointed.... The U.S., which has been hesitant to 
take action, is now cooperating with Europe. The U.S., 
Japan, and Europe should take the lead in crafting 
effective and specific measures through close 
coordination." 
 
4. "Summit Should Pave the Way for New Global Financial 
Framework" The conservative Sankei contended in an 
editorial (10/21): "...As the financial crisis is said 
to be the biggest since the Great Depression, it is 
significant that leaders of the main players in the 
world economy will gather to discuss measures to deal 
with it. We welcome this.... If the summit fails to 
produce more effective measures than the G8 action 
plan, the market will be disappointed and might 
experience further turbulence. The meeting must not 
turn into a blame game due to the presence of such 
emerging economies as China and India.... As 
globalization is accelerating, the international 
community will fail unless it creates a new system that 
can deal with a world economy that includes emerging 
economies. It needs to overcome the current crisis and 
pave the way for a new global financial framework." 
 
SCHIEFFER