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Pastimes : Ask Mohan about the Market

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To: Gabe Fernandez who wrote (9162)	11/24/1997 10:59:00 AM
From: Zeev Hed	Read Replies (1) of 18056

Gabe, Sankar and I are really on opposite sides of this equation. I do not see massive liquidation of US stock held by Asians until late Spring next year. As for the dollar yen situation. I think that eventually Japan will have to accomodate part of the massive devaluation is in the rim and thus the Yen will break above 130 yean/dollar and could reach the 137 to 140 yen/dollar. But before that happen, if they sell treasuries in very large quatities (not US equities), then we might have a drop just under 120 yen/dollar before a creeping yen devaluation occur. This temporary decline of the dollar (if it happens probably early in the first quarter next year) will probably not go much lower than 117 yen to the dollar, with a possible spike down for few days to test the recent low at just under 115 yen/dollar. Zeev

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