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Technology Stocks : C-Cube

CUBE 35.98

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To: DiViT who wrote (33893)	6/17/1998 2:19:00 PM
From: Stoctrash	Read Replies (3) of 50808

China warns and we comply... exchange2000.com Beijing Threatens, Clinton Hastily Complies TOKYO, June 17 (Reuters) - Japan and the United States agreed on Wednesday that the two economic superpowers had to act together to stop a nosedive in the Japanese yen that had sparked fears of an Asia-wide depression that could turn global. Their promises were backed up by an earlier round of concerted intervention in the market, estimated by traders at $2 billion, that drove the yen sharply higher. The statement by the two leaders came a few hours after Japan's parliament passed a special 4.65 trillion yen ($32.7 billion) supplementary budget that is part of a record 16.65 trillion yen economic stimulus package announced in April. The announcement by President Bill Clinton and Prime Minister Ryutaro Hashimoto appeared to end for now an increasingly bitter war of words about what Japan should do to stimulate its long-suffering economy and rescue a currency showing no end to its decline. ''The president and I are delighted to see that the United States and Japan have cooperated in the exchange markets to support a strong, stable yen,'' Hashimoto said in a statement after a telephone talk with Clinton. The statement came a day ahead of a hastily arranged visit by U.S. Deputy Treasury Secretary Lawrence Summers that will include a meeting of finance officials from the Group of Seven industrialised nations. Financial analysts had said that if Summers came to Japan without some sort of deal, he threatened to worsen the situation. A Chinese official said earlier on Wednesday that the sliding yen could force China to devalue the yuan, the first such warning of the threats posed by the yen's slide. China has blamed both Japan and the United States for the growing crisis. ...

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