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To: Glenn D. Rudolph who wrote (78838)	9/28/1999 9:17:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn -- MOF is the Ministry of Finance. Until last spring they called all the shots -- the BOJ did what they are told. Part of the reform process is to make the Bank of Japan more independent of the MOF. The MOF issues huge amounts of bonds to kick-start the Japanese economy. The BOJ was expected to say 'yes sir' and then buy back the bonds -- increasing the money supply. They said no -- causing Japanese rates to go up and causing Japanese investor wo pull money from the US and put it into Japanese bonds -- among other effects. The internal divisions within Japan are critical to our markets. This past weekend the international community brought huge pressure to bear on the BOJ to print yen. The BOJ is worried about the clearly inflationary impact of complying.