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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: chirodoc who wrote (827)3/31/1998 1:54:00 AM
From: Shoe  Read Replies (1) of 3902
 
Weak manipulative spurt at the close? Lookout below in April.
Sunday night (U.S. time) Bloomberg was quoting a trader to the effect that the government had to get the index up to at least 17,000 at quarter end or it was "curtains", presumably because of write-downs required by Japanese accounting rules (politicians were saying it should be pumped up to 18,000). Some last minute buying Tuesday got it back to 16,500, but now what will hold it up? Even if the public spending plan is sounder Keynesian stimulus than a tax cut in a country with a high marginal propensity to save, who can have confidence in a government that seems indecisive, corrupt and more concerned with saving face and artificially protecting existing institutions than with fixing the real economy? -- Shoe (sold half my APF today and shorted a Japan closed-end fund)
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