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To: pater tenebrarum who wrote (63101)	9/20/1999 5:06:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Re. Yen vs. the buck: The Japanese needed HIGHER rates, not Lower rates. It would be interesting to see if they do exactly the same tonight. That would be a real message and wake-up call to NY! From Briefing: ---------------------- While weakness in dollar-yen has been related to Japanese exporters looking to front-run any possible shift in monetary policy at tomorrow's BoJ meeting, we wonder whether the forward looking approach to economic recovery in Japan that has largely encouraged the reflation play thus far, will only be exacerbated by expectations that Japanese officials are finally taking the right steps to counter the deflationary forces that continue to run rampant through the economy. Such sentiment would likely dampen some of the intended yen weakening effects of an easier monetary policy, particularly if the BoJ only decides on a token measure, such as one that would target liquidity in the money market by increasing the standard Y1 tln surplus to a rumored Y2 tln.