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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 173.87

+1.9%

2:27 PM EST

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To: Jon Koplik who wrote (38010)	8/14/1999 10:26:00 AM
From: Wyätt Gwyön	Read Replies (1) of 152472

Jon re: Japanese economy>I think the declines in loans represents more of a systemic problem with the banks rather than a further worsening of the economic situation. Basically, there are still many unresolved problems with the banking system due to their inability to meet international minimum capital requirements. Therefore, it is difficult for them to lend money to anybody. This of course is a vicious circle and puts further pressure on biz starts since it is also difficult for companies to go the local equity markets for capital. Who knows how this situation will resolve itself, since the government there does not want more banks to fail (as they should), which would help clear up their problem. There remain many anecdotes of serious employment problems. A friend who speaks English and has an engineering degree is working for 800 yen (about $7) an hour. But I don't see how it could get much worse. The latest White Paper on Employment from the Ministry of Labor shows a weak but stabilizing employment situation, after years of sliding. And the Japanese have let American financial companies set up shop there. In addition to encouraging consumer investment in equities (as opposed to adding more cash to the Post Office Bank's $12 trillion (!) kitty--many people have six- or seven-figure Post Office Portfolios earning 1% after taxes--that's what the great Japanese savings rate does for you!), companies such as Merrill and Goldman Sachs are no doubt looking for ways to funnel Western investors' capital into promising ventures in Japan. It is sad how long the Japanese problems have persisted, but they have arguably the best educated work force on the planet, and I think they will "out" at some point. JMHO, Greg

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