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To: H James Morris who wrote (125992)	6/5/2001 1:19:14 PM
From: craig crawford	Read Replies (1) \| Respond to of 164687

Tuesday June 5, 7:58 am Eastern Time Goldman Sach Cuts Yahoo Japan Rating TOKYO (Reuters) - Goldman Sachs Group Inc. said it has downgraded its rating on Yahoo Japan Corp. to 'market performer' from 'market outperformer' on Tuesday, citing a downturn in Japan's Internet advertising spending. Yahoo Japan, which is 50.8 percent owned by Japanese Internet investor Softbank Corp and 33.8 percent by U.S. Internet media giant Yahoo Inc, will see weaker earnings as advertising spending slows, Goldman Sachs said. The U.S. investment bank said that Yahoo's peer Value Click Japan Inc's downward revision of its own earnings outlook was indicative of an industry-wide slowdown. Yahoo Japan saw its parent-only net profit hit a record 2.97 billion yen for the year ended March, up 158 percent on soaring advertising revenues. But the Internet portal had warned that the lower-than-expected earnings in the January-March period could put a dampener on profit growth.