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To: Lee Lichterman III who wrote (25340)	9/9/1999 12:34:00 PM
From: Don Green	Read Replies (2) \| Respond to of 99985

$ / Yen now 107.61 Sep. 9- [B] IMF's Fischer "encouraged" by Japan growth; room for lower dlr --Fischer "encouraged" by signs of Japan economic growth --Fischer sees room for US dollar to weaken, help current account By Elizabeth Price, Bridge News Washington--Sep 9--Japan's unexpected second-quarter GDP growth of 0.2% is "encouraging" and is roughly in line with IMF forecasts, IMF First Deputy Managing Director Stanley Fischer said today. He also said the dollar remains relatively strong and a weaker US currency would help curb the current account deficit. * * * "This is not a boom by any means, but it is encouraging that there is this much growth in Japan," Fischer said at a news conference here. He noted the second-quarter data appear to be much more reliable that the Japan's first-quarter growth figure of 1.7% The IMF may revise its 1999 Japan growth forecast in its next World Economic Outlook, due for release Sep 22. However, the revision will not be large, he said, noting that IMF forecasts are a bit above consensus. Earlier this week, a draft copy of the WEO leaked by the Dutch Finance Ministry pegged 1999 Japanese growth at 0.2%. While noting that the US dollar has weakened substantially this year versus the yen, Fischer pointed out that on a trade-weighted basis, the US currency is still valued towards the stronger end of its range over the past 4 1/2 years. He repeated the IMF's view that the US current-account deficit is too large to be sustainable, noting that a weaker dollar would help bring the current account towards balance. End Bridge News,