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To: Sarmad Y. Hermiz who wrote (65464)	6/29/1999 11:18:00 PM
From: GST	Respond to of 164684

Sarmad -- we are in a surge -- can't fight that -- but what goes up can come down -- we are surging from lofty levels and there just might be some sellers out there waiting to oblige the party-goers who are chanting 'buy stock, buy stock'. I am long to the max -- with a big chunk of GM and LSI. But my computer stays on and my phone has autodial -- I am increasingly reluctant to hold my positions overnight.

To: Sarmad Y. Hermiz who wrote (65464)	6/30/1999 5:11:00 AM
From: GST	Respond to of 164684

Wednesday June 30, 4:38 am Eastern Time FOCUS-BOJ tweaks assessment of economy, mkts reel (Recasts, updates with housing data, ex-BOJ official's comment) By William Mallard TOKYO, June 30 (Reuters) - The Bank of Japan made a tiny but key change in its assessment of the economy on Wednesday, rocking markets with fears that the central bank would tighten its ultra-easy monetary policy sooner rather than later. Long-term interest rates and the yen surged, snuffing out an early stock market rally after BOJ Governor Masaru Hayami added the modifier ''clearly'' to the central bank's oft-repeated view that the economy has stopped declining. The market was also unnerved when Hayami, in semiannual testimony in the Lower House finance committee, said the present zero interest rate policy could not go on forever and that he wanted to avoid any mistake in choosing the timing for the BOJ's ''next step'' on monetary policy. But even as the central bank tweaked its assessment, the government released weak data on housing and construction that seemed to contradict recent bullishness that the world's second-biggest economy was starting to pull out of its worst postwar slump. ''Presently, we are able to judge that the economy has clearly stopped deteriorating,'' Hayami said, reading from a prepared BOJ statement, although minutes later he restated the BOJ's more cautious official assessment. He also reiterated that the BOJ would maintain its zero-interest