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To: Tom D who wrote (74515)	8/18/1999 6:36:00 PM
From: GST	Respond to of 164684

Tom: yen at 112 -- I have received numerous private messages on this thread and have responded -- I am glad somebody on the open thread has asked this question. Japanese own 1/3 of all outstanding US treasuries. The dollar is down over 20% in the past year. The fall has been brutal for the Japanese. They also own 10 percent of our stocks. They think our bonds now suck as an investment and that our stock market is a bubble. US investors are joining them in a mass dollar flight. No government or combination of governments can do more than blunt this move. The yen at 112 reflects the movement of many tens of billions of dollars from dollars to yen. The downside target is 100 -- and as this unfolds it will deal a crushing blow to our stock market -- even the nets :) I love seeing the nets soar -- I won't short them when they are down -- but they are getting really, really attractive up here.