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Strategies & Market Trends : Closed End Global and Country Funds -- Ignore unavailable to you. Want to Upgrade?

To: Jumper who wrote (116)	11/15/1997 9:57:00 PM
From: Shoe	Respond to of 289

Jumper, no, but if I did think JOF was a buy you should sell short. I picked the "bottom" in Japan at about 16,000 on the N225, and bailed out in painful stages last week. But I never buy a closed-end fund trading at a premium; in fact I generally insist on a discount over 15% (depending somewhat on the expense ratio) unless the fund is clearly headed for open-ending or another means to exit at or near NAV is in the offing (e.g., I bought more IBF lately). If you think Japan is a bargain why not find a no-load open-end fund that concentrates there, or consider EWJ, the Japan WEBS (websontheweb.com)? On ICEFI there is more interest in KF than in any Japan funds. FWIW a Morgan Stanley analyst has just rated LDF, MXF, IFN and BZF as "Strong Buys," per Bloomberg (I don't necessarily agree, and don't hold any of these), but I didn't see anything on Japan. Good luck. -- Shoe