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To: Bobby Yellin who wrote (37478)	7/21/1999 7:08:00 PM
From: RealMuLan	Respond to of 116770

bobby, I've got to go now. I will answer you later. Best.

To: Bobby Yellin who wrote (37478)	7/21/1999 11:50:00 PM
From: Zardoz	Read Replies (4) \| Respond to of 116770

ca.finance.yahoo.com^N225&d=1d biz.yahoo.com charts.quotewatch.com Hayami--policy unchanged till deflation fears gone TOKYO, July 22 (Reuters) - Bank of Japan Governor Masaru Hayami reiterated in parliament on Thursday that the central bank will keep its ultra-easy monetary policy unchanged until the threat of deflation has gone. Answering questions in an Upper House financial affairs committee, Hayami said the BOJ policy pursued since February of driving the key overnight interest rate essentially to zero was producing positive effects but must be continued. Tokyo shares have risen and some economic indicators have improved, Hayami said, adding: ''The zero interest rate policy has permeated the market, and bright effects have appeared in various respects.'' On how long the policy would continue, Hayami said: "Our assessment of economic conditions is that the economy has stopped declining, and it is true that corporate sentiment has brightened significantly. ''But we still cannot see any clear signs of a recovery in private demand, and so in these circumstances we want to firmly support the economy with our bold monetary policy until the prospect is in sight for an end to deflationary fears.'' On deflation, he reiterated that ''prices have been largely flat, but downward pressure is expected to continue.'' Hayami declined to forecast April-June gross domestic product, but said public works and housing investment were up, financial conditions had improved thanks to the the BOJ's zero interest rate policy and an easing of worries over the stability of the financial system, and consumer sentiment had improved somewhat. But he said excessive plant and payrolls remained, improved corporate profits were not feeding through to employee incomes, and corporate restructuring would have a short-term negative impact on capital spending and jobs. ''We cannot expect a swift, self-sustaining recovery in fixed investment and personal consumption,'' Hayami said. Welcome to the NEW Asian crisis.