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To: GST who wrote (62510)	6/14/1999 7:59:00 PM
From: BGR	Read Replies (1) \| Respond to of 164684

GST, I am not sure that I get the argument here. Japan indeed needs more cash. However, if the intention behind the intervention was to raise cash, they would have sold bonds, not bought it. As is the US position, the Japanese are lacking in only one thing, abundant supply of yen. And they can print (and sell) it. Which is what they are doing. I urge you to not forget the Rubin intervention to prop the yen up last year and how successful that was. Machismo, sure. But the CBs of the two richest countries have the biggest guns. Bigger, even, than KIS. -BGR. PS: What the market has really not priced in is no rate hike.