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To: Marcel who wrote (23955)11/18/1997 9:11:00 PM
From: Marcel  Respond to of 61433
 
OT <Japan>

biz.yahoo.com

Tuesday November 18, 7:28 pm Eastern Time

Tokyo stocks fall 2% in morning on Japan PM remark

TOKYO, Nov 19 (Reuters) - Tokyo stocks lost more than two percent in early morning trade on
Wednesday, after the Japanese prime minister denied saying he was considering using public funds
for Japan's ailing banks, brokers said.

At 0013 GMT, the 225-share Nikkei average dipped 352.54 points or 2.11 percent to trade at
16,374.03.

Its December futures were ask-only at 16,490 against Tuesday's close of 16,790.

On Tuesday, Prime Minister Ryutaro Hashimoto denied saying he is considering using public funds
to clean up the bad loan mess at Japanese banks, Jiji news agency reported.

Speculation over the use of public funds for banks had prompted a rally over the past two sessions.

The banking sector was hit hard in the morning by the report, with many issues opening ask-only.

''Bank shares suffered an active sell-off,'' said a broker at a second-tier Japanese securities house.

- Tokyo equities desk (813) 3432-9404



To: Marcel who wrote (23955)11/18/1997 9:15:00 PM
From: Zach  Respond to of 61433
 
Marcel:

Having spent some time in Japan in the early 90's working with banks and their problem loans, I think that this may actually be a good thing. The best thing that the government could do at this stage would be to let some banks (like Hokkaido) go bust. It would give current management an incentive to shape up their own institutions and inform the rest of the world's financial community that Japan will not tolerate "shoddy" lending, etc. in the future. IMO.

Zach


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