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To: Edwin S. Fujinaka who wrote (3717)	2/7/2000 3:31:00 AM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 6020

Frankfurt opened up 19 euros to 1355 euros which converts to about $1330 or pretty close to the closing US price on Friday.

To: Edwin S. Fujinaka who wrote (3717)	2/7/2000 8:52:00 AM
From: Jonas1	Read Replies (1) \| Respond to of 6020

Edwin; Price discrepancies US-OTC vs. TSE No mystery to me. Entirely logical. A TSE close of 134,000 yen and no change (today) is entirely different from a TSE close of 134,000 Yen and up 11,000 Yen (Friday), or 134,000 Yen close and gap down 50,000 Yen (hope this never happens!). The US market makers have to protect themselves. They may need to sell more stock than they have, and will then have to go buy more at the "new" price in TSE the next day. Also, they may be (heaven forbid) a bit greedy! They are not, after all, a charitable institution. So Friday, the US price was higher in anticipation of a further rise on the TSE. When this did not happen, the price now reflects the true or neutral price. Remember that the US-Yen exchange rate also has changed, so US price will be less than what it was when it was 101-102 Yen to the dollar. Jonas