TOKYO MEDIA REACTION - FINANCIAL CRISIS

UNCLAS TOKYO 003110 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: There were no papers published on Monday morning due to a press holiday. Broadcasters reported on the joint communique issued Sunday by the G20 financial ministers and the accident aboard the Russian nuclear-powered submarine Nerpa on Saturday. ¶2. "Serious Economic Situation Will Test Obama" The business-oriented Nikkei editorialized (11/9): "President-elect Obama pledged during his first press conference after the election that he will take 'all necessary steps' to reconstruct the deteriorating U.S. economy. Although Obama will be inaugurated two months from now, his immediate decisions will have a great impact not only on the American people but also on nations around the world that have been hurt by the U.S.-originated financial crisis. We hope Obama will disclose specific measures to deal the crisis and swiftly select his lineup of key economic officials, including the secretary of the Treasury.... The next administration's economic management will determine the future course of the economic crisis in the U.S., which has been deemed the most serious one since the Great Depression. Obama's ability will be tested immediately after his inauguration." SCHIEFFER