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To: NOW who wrote (79854)	3/14/2001 4:10:23 PM
From: John Pitera	Respond to of 436258

David, I agree with you on the Yen. problems o'plenty in Japan: While the decision by Fitch to place 19 Japanese banks on Rating Watch Negative has helped to push dollar/yen as high as Y121.04 today, we would note also note that February bankruptcy data was not as friendly as the headlines may have suggested. Outstanding debt left by bankrupt Japanese companies fell 7.6% year on year in February. HOWEVER, debt between April 2000 and February 2001 totaled Y23.614 tln, surpassing the current annual record of Y15.182 tln in fiscal year 1998-9. Of particular interest, and in line with all of the concerns surrounding the banking sector, bankruptcies caused by cautious bank lending rose to 26 in February from 16 in January. Finally, we would note that 285 companies went under in February despite the fact that they had government-guaranteed private bank loans. This number comes on the back of a 284 increase in January.