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To: Real Man who wrote (66025)	3/18/2001 11:34:51 AM
From: marynell	Read Replies (3) \| Respond to of 116759

"Japanese are holders of 45% of all US treasuries, with all the possible implications." I wasn't aware that it was that high. Where did you get this number? Is there a website that has a breakdown of who owns how many US treasuries?

To: Real Man who wrote (66025)	3/18/2001 12:11:37 PM
From: russwinter	Read Replies (1) \| Respond to of 116759

The Yen bears argue that Japan gets some kind of restimulation and "reflation" benefit from a devaluation. I would counter that there will only be negatives from it. 1. A huge increased energy bill. They are totally dependent on outside oil, and it is PRICED IN US DOLLARS. If you think they have problems now? 2. Keeps foreign capital out which they could use to recapitalize failed institutions. Japanese exporters do not need help from a cheap currency and it will make no contribution whatsoever to restimulating the markets they sell to. Exporters are doing quite well already thank you and the Dollar/YEN exchange rate is not the problem.