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Pastimes : Ask Mohan about the Market

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To: Rational who wrote (8106)	11/16/1997 2:33:00 PM
From: Zeev Hed	Read Replies (1) of 18056

Sankar, Japan is doing eveything they can to cover up their basic problem except the one thing that will actually solve them, CUT DOMESTIC TAX RATES. They are trying to be holier than thou about deficit funding but they have little choice, or they will end up with a 20 years of sub par growth. They can no longer get their growth from export (40% of their excport is to the now declining rim), It is time for them to use the fiscal side of policy making, they cannot push on the interest rate rope to pull the economy out of troubles, their rates are already ridiculously low. Such low rates have artificially held their markets at extremely high valuation, and as you so apyly put it, if the Nikkei drops just a little more, it will then drop precipitously. It would aslo help them if they were serious about removing some major trade hindrances in their system, but that might be too much to ask. Zeev

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