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Politics : Idea Of The Day

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To: JEFF CHAPMAN who wrote (14198)	11/13/1997 8:11:00 PM
From: Narotham Reddy	Read Replies (1) of 50167

Will this news effect the markets tommorrow ? Japanesh banks' downgrade adds to Asian gloom Nov 13, 5:00 PM EST London(Reuter): A further blow was dealt to unsettled Asian markets when a rating agency downgraded three leading Japanese banks on Thursday, and said more cuts may be yet to come. While some Asian stock markets have regained groups, analystst said there are still concerns that the recent crisis has not been fully played out. "Dollar/Yen has gone bid since the rating news" said Sean Shepley, international economist at Credit Suisses First Boston. "It is an indication the problems are still continuing". Dlr/Yen stalled at 126, after rising on the back of the downgrades. International rating agency IBCA cut the short-term, long term and individual ratings for both Fuji and Industrial Bank of Japan from A1+ to A1, from AA minus to A Plus and from C to C/D. The IBCA said that drops in the markets were affecting the banks' investment equities. It estimated that with the Nikkei 225 index at 16,000, six Japanese banks had lost their hidden reserves.

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