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To: pater tenebrarum who wrote (29182)	1/24/2002 6:05:08 PM
From: Mike M2	Read Replies (1) \| Respond to of 209892

Heinz, and Mr. D does not rely on a hedonicly contrived growth & productivity miracle as a cover for monetary excesses so his Wall St buddies can rip off the public. mike

To: pater tenebrarum who wrote (29182)	1/24/2002 6:34:44 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

Well no one can overcome the Washington sleeze. I can understand that a "strong dollar" is the only thing keeping this country afloat, but still it is difficult to comprehend that the world at large is suckered into the strong dollar story. How else can one explain the recent drop of the Euro. Would be interesting to see if the world will realize that the king has no clothes. ............ My point was that he really spoke out "as it is" regarding the German budget deficit but the Euro took a beating. On the other hand the situation in the US is same if not worse ......... $4 trillion of projection went up in smoke and the USD makes new highs Haim

To: pater tenebrarum who wrote (29182)	1/24/2002 7:28:44 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

Recession Deepens Yen, JGBs Troubles As Japan's economy has tilted deeper into recession, global bond strategists say the chances have increased that the government will have to support creditors of the country's failing banks, which are burdened with an estimated Y150 trillion mountain of bad and nonperforming loans. Another side-effect of the sliding economy has been marked slippage in the yen, which has fallen to 39-month lows, denting demand for JGBs. The dollar has rallied around 10% against the yen since the middle of November. And those expecting the dollar to continue its ascent against the Japanese currency include some Japanese financial institutions. During recent days Japanese trust banks have begun buying dollars, noted HSBC's chief currency strategist in New York, Marc Chandler, in a research note Thursday. The yen was at Y134.75 to the dollar late Thursday in New York. If the Japanese currency weakens further in a sustained fashion, that in turn may lure more flows out of yen-denominated assets, including JGBs. Japanese banks are major JGB holders and stand to be hurt if this scenario unfolds. Karim Basta, global derivatives strategist with Merrill Lynch in New York, forecasts the 10-year JGB's yield will rise to between 1.6% and 1.7% by mid-April. "We are into new territory here, but (the current) 1.46% yield looks like a tentative support area," said Sadakichi Robbins, head of global fixed income trading at Bank Julius Baer in New York. Were the it to break above that, the next likely key level is the 1.50% it charted in April 2001. Yet in real terms, when the acceleration of deflationary forces is taken into account, JGB yields are already clearly higher than in April last year, Robbins points out. In November, Japanese consumer prices fell 1.0% from a year earlier., compared with a more modest 0.4% decline last April. -By John Parry; Dow Jones Newswires; john.parry@dowjones.com; 201-938-2096 (END) DOW JONES NEWS 01-24-02 07:08 PM