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To: Robert Rose who wrote (77390)	9/15/1999 9:22:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Top Financial News Wed, 15 Sep 1999, 9:17pm EDT Japan Stocks Fall as Yen's Gains Seen Hurting Earnings; Electronics Down By Jim Bonner Japanese Stocks Fall as Strong Yen Seen Hurting Export Earnings Tokyo, Sept. 16 (Bloomberg) -- Japanese stocks fell, led by exporters such as Sony Corp. and Bridgestone Corp., after the yen climbed to its highest level in three and half years as investors pour money into Japanese stocks, reducing the value of earnings they make overseas. The electronics sector was also weighed down after a U.S. consumer price report failed to ease concern the Federal Reserve may raise interest rates to curb consumer spending. ``The main problem is the speed with which the yen has risen,' said Masayasu Sugawara, manager at Marusan Securities Co.'s equity investment strategy section. ``The market is waiting for the Bank of Japan to intervene (to sell yen), but if it's not on a sufficiently large scale then the exporters look very unattractive.' The benchmark Nikkei 225 average fell 383.24, or 2.2 percent, to 17,392.98. The Topix index of all issues on the Tokyo Stock Exchange's first section dropped 31.17, or 2 percent, to 1493.62. Nikkei futures for delivery into Osaka slipped 240 yen to 17,350 and fell 230 yen in Singapore to 17,350. Foreign investors sold 7 million shares more than they bought at the open through 12 brokerages. The yen rose as high as 103.36 per dollar yesterday, its highest since Jan. 2, 1996, as traders bet that international funds flowing into Japanese securities will overwhelm Japan's efforts to stem the yen's strength. The dollar last bought 104.97 yen. That pulled down exporters such as Sony, Japan's second- largest consumer-electronics maker, which fell 390 yen to 15,560. Bridgestone, Japan's biggest tiremaker, dropped 100 yen to 2,960.