INDEPENDENT NEWS

Cablegate: Tokyo Media Reaction - U.S. Bailout Plan

Published: Mon 29 Sep 2008 03:49 AM
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PP RUEHFK RUEHKSO RUEHNAG RUEHNH
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ZNR UUUUU ZZH
P 290349Z SEP 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7558
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RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
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RUHBANB/OKINAWA FLD OFC US FORCES JAPAN CP BUTLER JA PRIORITY
RHMFIUU/USFJ PRIORITY
INFO RUEHFK/AMCONSUL FUKUOKA 0090
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UNCLAS TOKYO 002687
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. BAILOUT PLAN
1. LEAD STORIES: Front-page stories on Monday morning
included the resignation on Sunday of the land and
transport minister and a tentative agreement reached on
early Sunday morning between the Bush administration
and congressional leaders on a government proposal to
purchase up to $700 billion in troubled assets in
ailing U.S. financial institutions.
2. "It May Take Time to Stabilize U.S. Financial
System" The business-oriented Nikkei ran a report from
New York stating (9/29): "The bailout plan, which was
tentatively agreed between the Bush administration and
congressional leaders, is aimed at purchasing troubled
assets with public funds while minimizing the financial
burden on taxpayers. In order to achieve those two
contradictory goals, the housing market, which is the
main factor in the current financial crisis, needs to
bottom out quickly. However, the market will likely
remain stagnant. It may take time for the U.S.
financial system to recover its stability."
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