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To: H James Morris who wrote (64568)	6/25/1999 5:23:00 AM
From: GST	Read Replies (1) \| Respond to of 164684

James -- below is what is current. BTW Softbank is on a rip roaring uptrend -- and others are doing well also -- did you get in on these directly or as ADRs? Friday June 25, 4:58 am Eastern Time FX IN EUROPE- Dollar broadly weak on US asset woes LONDON, June 25 (Reuters) - The dollar fell to its lowest in nearly two weeks against the euro in Europe on Friday on concern about losses that U.S. asset markets are suffering before a Federal Open Market Committee policy meeting next week. While traders and investors have expected the Fed to raise rates for some time, U.S. stocks and bonds are beginning to look more fragile as next week's two-day FOMC meeting draws near. The Dow Jones Industrial Average fell 1.24 percent on Thursday, sparking worries that investors who are quitting the U.S. asset market would sell dollars. Wobbly U.S. asset markets overshadowed the prospect of earning higher returns on dollar deposits. An early selloff in the German bund market, which traders attributed to unwinding of hedge fund positions, also did little to support the dollar. ''People are more concerned about Treasuries and the Dow,'' a Japanese bank dealer in London said. The euro rose as high as $1.0473, its strongest since June 14, before easing back to $1.0445/50 by 0748 GMT from $1.0388/90 in late European trading on Thursday. Traders said hefty stop-loss orders to sell dollars were triggered on the way up. ''A lot of dealers had been on the long side in the dollar,'' the Japanese dealer said. ''It didn't take very much to cause a short squeeze, particularly with the weekend and the FOMC meeting coming up.'' Sterling also gained on the dollar, trading at $1.5914/24 at 0805 GMT versus $1.5877/82 late on Thursday, while the dollar was down at 1.5292/97 Swiss francs from Thursday's 1.5363/68. The dollar also tumbled below 121.50 yen for the first time since the rally on Monday which had been spurred by heavy Bank of Japan intervention. It was at 121.53/58 yen from 121.76/81 late on Thursday. Chris Iggo, currency strategist at Barclays Capital in London, noted that U.S. asset market jitters were exacerbated by end-of-the-quarter factors as well as some optimism over the European economy. ''The real money is long of fixed-income products and are having to capitulate, given we have had strong French numbers out this morning, and it is coming up to the end of the month and the half year, and we are going into the FOMC,'' he said. Data out on Friday showed Frenchs consumer spending rose 2.1 percent in May against a revised 0.5 percent fall in April, while its consumer prices were flat on the month. But scepticism lingered about the euro's chances of sustaining strength in the longer term. David Brickman, international economist at PaineWebber in London, said the recent sell-off in bunds could eventually cast a shadow on the single currency if investors switched into U.S. Treasuries. ''If that's the case, that would suggest a further weakness in the euro, although it's going in the other way now,'' he said. Traders added that a rapid fall in dollar/yen was likely to provoke renewed BOJ intervention, given the authorities recent rhetoric and actions in the market in the past two weeks. Overnight, Eisuke Sakakibara, the Japanese Finance Ministry's forex guru, repeated his recent remarks that Japan was determined to prevent a premature rise in the yen that could forestall the nation's economic recovery.