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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (20224)	9/9/1998 3:50:00 PM
From: Lee	Read Replies (1) of 50167

Ike,..Re:I would think that overall the exchange rate policy and monetary policy has inherent contradiction but it is manageable, as markets and corporations if we have a permanent fiscal stimulus respond to this cut we may see Yen demand going higher It appears to me and probably others that since the Dec bond is up 1^1 now that the Japanese totally wasted the effects from AGs remarks Friday evening last week. Why would they do this? The only answer that comes to mind is that there is no internal agreement on implementing the structural reforms necessary to provide a foundation upon which to build. It is also rumored that the LDP and opposition are not in agreement so, in order to provide immediate market liquidity, they lowered the rates once again. In light of the fact that rates were already at 0.5%, reducing them by 25 basis points further couldn't possibly provide the liquidity they are looking for. So the question is, when will Japan finally realize that liquidity is not the short term problem? And why did they negate the positive effects of AGs speech and accompanying $ weakness? Especially when they have been constantly worrying about the weakness of the yen? Thanks and Regards, Lee

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