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To: Mark Fowler who wrote (63637)	6/21/1999 9:26:00 PM
From: Judy	Respond to of 164684

Well done. Message 10162718

To: Mark Fowler who wrote (63637)	6/21/1999 9:51:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Mark -- Re: movements in Asia. Lots more double talk tonight on the yen. See the attached press clippings. The first one says it is economically ok for Japan to intervene in forex market. The second one says the market wants a weaker yen. And the third one says that recent intervention was a warning to keep markets from bidding up the yen. Trouble is, the forex market wants a stronger yen and the Japanese government wants a weaker yen. Two seperate days of intervention have cost Tokyo about ten billion dollars. The question is, who has more money and staying power -- the forex market or the Japanese government? People I deal with in Japan who are supposed to be the forex 'experts' in Japan tell me to assume that the yen will do whatever Japan's bureaucrats want it to do. But I think they have overplayed their hand this time. At five billion US dollars per day, intervention is going to become difficult to sustain. Forex players will want to test this puppy. This tug of war will become a deciding factor in our markets after we have had a bit more of a run-up. Perhaps in another week or two. The Nasdaq will not break 3,000. ______________________________________________________ Monday June 21, 9:23 pm Eastern Time Intervention not bad for Japan economy-EPA Sakaiya TOKYO, June 22 (Reuters) - Japan Economic Planning Agency (EPA) Minister Taichi Sakaiya said on Tuesday that currency intervention to weaken the yen is not bad for the Japanese economy at this time because domestic prices are falling. _____________________________________________________ Monday June 21, 8:22 pm Eastern Time Sakikibara says will accept weak yen for recovery TOKYO, June 22 (Reuters) - Japanese Vice Finance Minister for International Affiars Eisuke Sakakibara said on Tuesday that a weaker yen was acceptable if needed for Japan's economic recovery. ''If the markets think that a weaker yen is necessary for an economic recovery, we will accept that,'' he told reporters. ''The most important thing right now is an economic recovery,'' he told reporters in front of his office at the Finance Ministry. __________________________________________ Alert: Miyazawa Says Forex Intervention Was Message to Markets to Suppress Heavy Yen Buying - Reuters - Mon 9:16pm