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Strategies & Market Trends : World Outlook

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To: Don Green who wrote (714)	1/7/2000 1:39:00 AM
From: Don Green	Read Replies (1) of 48953

Miyazawa Optimistic About Stock Market Outlook Friday, January 7, 2000 TOKYO (Nikkei)--Finance Minster Kiichi Miyazawa remains optimistic about the outlook for Japanese stock prices despite continued slippage in the Nikkei average of 225 issues. "The drop in the key average on Wednesday and Thursday should not be cause for concern if seen in the light of market conditions in the same period last year," Miyazawa said at a Friday morning press conference. The benchmark index shed 460.31 points on Wednesday and 374.28 points on Thursday on the back of plunging share prices in New York, to close at 18,168.27. Commenting on the outlook for U.S. stock prices, Miyazawa was similarly sanguine. "The U.S. has been enjoying a boom for eight years and monetary authorities there may be closely monitoring the market." But the finance minister refrained from saying whether the U.S. stock market will go through further correction phase. Miyazawa was more explicit about the situation in the foreign exchange market. "I ordered the International Bureau of the Ministry of Finance to intervene in the market at year-end and at the beginning of the new year whenever the dollar was about to fall below 100 yen," he said. "The dollar's decline below that level would not be good for the Japanese economy." (The Nihon Keizai Shimbun Friday evening edition)

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