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To: Glenn D. Rudolph who wrote (78628)	9/26/1999 2:09:00 PM
From: Eric Wells	Respond to of 164684

Japan stocks seen diving in wake of G7 biz.yahoo.com ================================= Saturday September 25, 11:24 pm Eastern Time WEEKAHEAD-Japan stocks seen diving in wake of G7 By Hiroko Nakata TOKYO, Sept 26 (Reuters) - Japanese stocks are expected to keep sliding this week as the yen's stubborn strength continues to undermine confidence in the durability of the nation's economic recovery. Market watchers said the strong yen was expected to pull the Nikkei average below 16,000, but any correction would be followed by bargain-hunting by investors who believe the ongoing corporate restructuring will eventually help many companies' profits. Last Friday the Nikkei 225 average ended at 16,871.73, its first close below 17,000 since June 9. The index fell 470.54 points or 2.71 percent for the week. Last Wednesday the Nikkei stock average posted its steepest one-day point loss of the year after the Bank of Japan's unexpected decision to leave monetary policy unchanged set off another rally in the yen. ``The upward pressure of the yen against the dollar is still strong and I would not be surprised to see a brief drop in the Nikkei to 15,900,' said Hiroshi Arano, director at Dai-Ichi Kangyo Asset Management Co Ltd. Concern about the yen was evident at a Group of Seven industrialised nations meeting in Washington on Saturday, where Japan pledged to inject more money into its fragile economy to cap the rising yen. Japan's G7 partners said they were concerned and that the rising yen was threatening the world economy, but they gave no indication they were willing to join Japan's efforts to quell the yen by selling it on the open market. SUPPORT AT 15,900, TEMPORARY FLOOR AT 15,800 The next support point for the Nikkei average would be 15,900, near an intra-day low of 15,886 marked on May 28. ``But the long-term rising trend of the Nikkei, starting in last October, has not finished yet,' Arano said. Kiyoshi Kimura, a strategist at Societe Generale Securities Ltd, said the index would see a temporary floor at 15,800. ``But if the dollar remains below 105.00 yen for the rest of this financial year (ending March, 2000), the Nikkei may eventually slide towards 15,000,' he said. Any selling momentum would also be fuelled by a correction in Wall Street stocks, which could happen sometime in the near future, Kimura said. Japanese stocks have been falling in recent weeks as the rising yen added to concerns that a higher currency hurts the value of export-oriented companies' profits earned abroad. Other events in the market this week include: * On Monday, Japan's Ministry of International Trade and Industry (MITI) to release August retail sales data. * On Tuesday, shares in Topboy Inc to be first traded on the over-the-counter (OTC) market and Q'Sai Co Ltd to be listed on the second section of the Tokyo Stock Exchange. * On Wednesday, Toyota Motor Corp to list its shares on New York and London stock exchanges. * On Wednesday, MITI to release Japan industrial production data for August and forecasts for September and October. * On Thursday, Japan's construction ministry to release housing starts data for August. * On Friday, shares in Mobilephone Telecommunications International Ltd , Kyoto Kimono Yuzen Co Ltd , Okubo Co Ltd , Hoden Seimitsu Kako Kenkyusho Co Ltd to be first traded on the OTC market. Stela Chemifa Corp to be listed on second section of Osaka Securities Exchange. ================================= -Eric

To: Glenn D. Rudolph who wrote (78628)	9/26/1999 2:24:00 PM
From: Eric Wells	Read Replies (2) \| Respond to of 164684

Glenn - thanks for posting the BANCBOSTON ROBERTSON STEPHENS report. What I find most astonishing about the report is the last column in the stock tables at the end of the report listing the percentage change from 52 week high. If you were to look at these numbers without any other knowledge of what is going on in the market, you might easily conclude that some sort of crash or severe decline had occured in internet stocks. By the way - what are your thoughts on the new PriceLine company that will allow customers to name their price on grocery items? It's hard for me to imagine taking the time to put out an offer on a can of tomato paste in an effort to save 10 cents. Thanks, -Eric