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Strategies & Market Trends : Asia Forum

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To: Zeev Hed who wrote (5878)	8/27/1998 10:49:00 AM
From: Chip McVickar	Read Replies (1) of 9980

Zev, Assoc Press carries a note that Moodies has just down-graded 2 Japanesse banks --- Ashi and Tokai -- from A2 to Baa1 This is essential 2 steps away from Junk Bond status..... Another part of valuation determinations requires accounting for "perceptions", and at a certain point...a mass psychological impressions will wipe out a years worth of stock appreciation. This is certainly true today in the broad markets of Russel 2000 companies or in the bioteck sector. International Currency instability is a powerful disease and the growing perception is that the IMF-etc's perscriptions are not effecting this new hybrid strain. It is very possible at some point there could be a total break-down in this "floating rate system"....although we are not there yet and probable quite a ways off. We may have to wait for the ECU weakness to play out and the y2k adventure... Chip Chip

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