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To: Zeev Hed who wrote (15469)	4/20/1998 5:44:00 AM
From: John Hunt	Read Replies (1) of 18056

Japan price data points toward deflationary spiral biz.yahoo.com << Finally, things are moving in Japan's economy. Unfortunately, they're going in the wrong direction. The Bank of Japan released clear evidence of that on Monday when it reported that deflation, the phenomenon of falling prices that erodes corporate profitability, is spreading through the world's second-largest economy. The domestic wholesale price index for the first 10 days of April showed prices falling 2.1 percent from the same period a year earlier. Import prices, which fell in yen terms as the currencies of Asia plunged in the wake of a regional economic crisis, collapsed a jaw-dropping 7.4 percent. ''Japan is teetering on the verge of a deflationary spiral,'' said Andrew Shipley, economist at Schroder Securities Japan Ltd, referring to an uncontrolled fall in prices that destabilises the economy. >> Zeev, I have also seen the bank mergers as a sign of possible weakness. I believe that I have seen some references to JPM's Asia exposure being larger than reported. I will try to find a link if I can. John

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