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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (4115)6/1/2001 11:52:11 AM
From: Box-By-The-Riviera™  Read Replies (3) of 74559
 
Lance Lewis of www.prudentbear.com:

Treasuries were uncharacteristically quiet with equities under so much pressure as the long end continues to sit near its lows and to be unable to even bounce. This may have something to do with noises coming out of Japan of late. My friend John Mesrobian pointed out an article a couple weeks ago in the LA Times by Kenichi Ohmae, who is advising Japan’s new Prime Minister on economic matters. The article basically warned that Japan’s financial institutions may be forced liquidate their US assets in the next few months (the Japanese own 10 percent of US treasuries and are the largest foreign holders) in order to clean up their chronic banking problems. Now, that article in and of itself means nothing. But may be worth giving a little credence to when taken together with the sharp rally in the yen last week, the inability of the bond market to rally over the last few days, recent statements by the Japanese government reflecting on the possibility of using Japan’s foreign reserves as well as foreign assets to clean up their banking mess, and the fact that high level Japanese government officials are in Washington today meeting with Secretary O’Neill and will meet with Uncle Al tomorrow. If the market is beginning to sniff out that the Japanese are planning to sell their US treasury holdings, it would certainly explain a great many things. Obviously, such a move by the Japanese would have grave implications for US financial assets. On the flip side, it might be just what the doctor ordered to help Japan out of its 10 year funk.
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