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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: Rob who wrote (3895)	12/6/1997 6:36:00 PM
From: Rob	Read Replies (1) of 116815

Weak Japanese banks getting weaker The average Japanese isn't so stupid and has begun a flight to quality. Liquidity amongst the weakest of the Japanese banks is being drained as depositors move their money en masse to the stonger banks. The Bank of Tokyo-Mitsubishi, regarded as the strongest Japanese major bank, reported an incredible surge of 450 Billion Yen in deposits for November. I would be interested in the figures for December, which will be able to fully reflect the fallout from the failure of Yamaichi. So, with no deposits and a whole bunch of bad loans on the books, for how long can banks like Yasuda Trust survive? Life Insurance companies are no better off, and are experiencing a large number of policy cancellations. More likely sooner than later, we're going to see a large scale sell-off of Japanese foreign investments (Read US treasuries, stocks, etc). I am curious to know if the recent weaknesses in the Cdn and Australian dollars have been the result of the selling by the Japanese of their respective paper. afr.com.au

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