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Technology Stocks : BORL: Time to BUY!
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To: David Miller who wrote (7319)11/12/1997 8:30:00 PM
From: Neil Booth  Read Replies (1) of 10836
 
I thought I'd called it wrong when I went to bed about 1 hour after the open, too.

At lunchtime in Japan, the Nikkei is weaker at just above 15,000. It rallied after an initial drop, but then the selling set in again.

Won't make a prediction until the day is over, though.

If you're a Japanese bank who can't get dollar funding, what do you do? Sell dollar assets, or sell yen assets and buy dollars with those yen.

Dollar-yen FX is screaming upwards, now above 126. That'll keep going I think. We could see 150 by the end of next year.

Certainly, don't hold the shares of US car makers! Toyota will have them for lunch at FX rates like that. Don't listen to the US administration trying to bully Japan into a stronger yen, or talk it up. It won't work.

Neil.
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