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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: synchro who wrote (825)3/31/1998 12:58:00 AM
From: chirodoc  Read Replies (1) of 3902
 
David DeRosa: The Asian Meltdown Continues

By David DeRosa
Special to TheStreet.com
3/30/98 2:48 PM ET

.....i agree with your post--please get to this months issue of the economist--great two part series on japan and their woes/potential.
curtis

Bad Nights in Tokyo

Clocked again in Tokyo. The stock market is having a horrible go of it.

It was a really amazing night -- starting with an uptick of more than 200 Nikkei points in the Monday morning session and going on to finish down 476 points on the day. For a while, the index was above the 17,000 level. The last hour of trading saw a 500-point plunge on low volume. The finish was at 16,263.

On the currency front, the yen is getting trashed as interbank traders saw the unit scoot up over the 132 figure with no sign of a short-term pullback.

Tonight will mark the final session on the fiscal year. This ought to be as good as a full moon, a double- and triple-witching hour, and a night of the living dead -- all bundled into one. Now is the time for all good men to come to the aid of their party -- the LDP, that is. Got to get those share prices up! Can't afford to reveal what everybody in the world knows to be fact: The economy is in big trouble and things are getting worse. So look for some kind of a push. But also look for the arbs who will be waiting for a good level to get off a short or two. What happens tonight is anybody's guess.

All the pessimism about Japan was showcased last night by the release of a rather stunning economic statistic -- Japanese industrial production fell 3.3% in February, month over month. Did you ever think you would see such a number out of Japan? All things taken together -- bad markets, bad economic performance, high-level scandals -- you have to wonder how much longer Hashimoto can hang on to the job.
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