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Pastimes : Ask Mohan about the Market
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To: Joan Osland Graffius who wrote (8130)11/16/1997 4:11:00 PM
From: Rational  Read Replies (4) of 18056
 
Joan:

Japanese banks have the time till their next bank examination dates to come up with the capital and so an announcement by Wed that the Govt will infuse preferred stock capital into banks is sufficient. Banks do not have to present a balance sheet on Wed with the preferred stock capital. But, an announcement is critical for maintaining confidence of the international finance community on the Jap banking system. I do not think the Japanese Govt has made any official announcements yet (correct me if they did), although reports have started floating in the markets as of Friday.

In fact, I suspect these reports could be a reason for the late Friday market rally as the market saw the dollar remaining firm, interest rates not inching up, and expected the Japanese market to rebound (or not fall) on Monday. But, when the Japanese begin to sell US Treasury, US$ will be under pressure, so will the repo rates -- then the US stock market will likely head south.

Sankar
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