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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: add who wrote (6914)	1/8/1999 4:57:00 PM
From: J. Liu	Read Replies (1) of 27311

Sony sees severe 99/2000 Tuesday January 5, 10:07 pm Eastern Time Sony sees severe 99/2000 if dollar stays at 110 yen TOKYO, Jan 6 (Reuters) - Sony Corp Senior Vice President Masayoshi Morimoto said on Wednesday that the company's business will continue to be severe if the dollar/yen rate stays around a level of 110 yen in the business year starting in April. Morimoto told Reuters: ''It's going to be a severe year if the dollar stays at the current level. We hope the rate will return to at least 115 yen.'' He added that Sony was formulating a conservative earnings estimate for the 1999/2000 business year. Sony President Nobuyuki Idei, meanwhile, blasted the government for a lack of action to prevent the yen's recent drastic rally against the dollar. ''The government must take decisive action for currency stability. With the dollar falling towards 110 yen, the recent economic stimulus package could be of no use,'' he told reporters at an electrical industry group New Year reception.Asked about the current dollar/yen level, Idei said the currency level itself was not the major problem, but rather the rapid fluctuations in exchange rates. J.Liu

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