VZCZCXRO3692
PP RUEHFK RUEHKSO RUEHNAG RUEHNH
DE RUEHKO #2286 2320800
ZNR UUUUU ZZH
P 190800Z AUG 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 6691
INFO RUEHFK/AMCONSUL FUKUOKA PRIORITY 9466
RUEHNAG/AMCONSUL NAGOYA PRIORITY 7617
RUEHNH/AMCONSUL NAHA PRIORITY 1828
RUEHOK/AMCONSUL OSAKA KOBE PRIORITY 3205
RUEHKSO/AMCONSUL SAPPORO PRIORITY 0046
RUEATRS/TREASURY DEPT WASHDC PRIORITY
RUEHBS/USEU BRUSSELS PRIORITY
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC PRIORITY
RUEHUB/USINT HAVANA PRIORITY 0025

UNCLAS TOKYO 002286 
 
SENSITIVE 
SIPDIS 
 
FOR EAP/J AND WHA/CCA 
 
E.O. 12958: N/A 
TAGS: ETRD EINV EWWT PREL CU JA
SUBJECT: JAPAN SUSPENSION OF INSURANCE FOR CUBA-BOUND 
EXPORTS 
 
SENSITIVE BUT UNCLASSIFIED   NOT FOR INTERNET 
 
¶1.  (SBU)  Japan's top economic newspaper reported August 19 
that Nippon Export and Investment Insurance (NEXI), the 
GOJ-backed provider of international trade insurance, stopped 
accepting applications for trade insurance on deals with 
Cuba, prompting speculation about the future of Japan's 
Cuba-bound exports.  Ministry of Economy, Trade and Industry 
(METI) officials, however, told Econoff there has been no 
final decision and the GOJ is working with Cuban Central Bank 
officials to resolve the matter. 
 
¶2.  (SBU)  The Central Bank of Cuba informed NEXI in early 
August it was unable to make timely payment on recent imports 
from Japan due to a shortage of foreign exchange, according 
to the Nikkei newspaper.  NEXI subsequently announced it has 
downgraded Cuba's Central Bank to a status where it no longer 
qualifies for new export insurance.  According to the Japan 
External Trade Organization (JETRO) website, Japan exports to 
Cuba in 2007 totalled $176.5 million, up from $127.9 million 
in 2006.  Japanese exports to Cuba are mainly medical 
supplies and precision machinery. 
 
¶3.   (SBU)  NEXI is supervised by METI.  A responsible METI 
official confirmed to Embassy the basic substance of the 
Nikkei report but said "we have not decided to suspend 
underwriting trade insurance for exports to Cuba."  GOJ 
officials, he added, are working diligently to resolve the 
problem and the official hopes to provide the Embassy with 
more information early next week. 
SCHIEFFER