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To: Terry Rose who wrote (3765)	12/3/1997 1:58:00 AM
From: PaulM	Respond to of 116753

Latest heard in Asia: Nikkei down 1.9%, so far this and the prior session wiping out the rally that began the week. BOJ knows that 15000-16000 range is a moth too close to the flame as lots of institutions will be fordced to fold or call in loans if Nikkei sees 14000s for prolonged time. Maybe BOJ will have to manipulate the markets--oops, I meant pump liquidity into the markets again.

To: Terry Rose who wrote (3765)	12/3/1997 2:14:00 AM
From: PaulM	Read Replies (1) \| Respond to of 116753

But will the DOW will reverse its 190 point rally in response? I wonder whether any analyst in the U.S. can coherently explain what the DOW is doing at 8000. With less than spectacular earnings overall in the 3rd Q, profit warnings already for the fourth, Japan, dividend yields at lowest level ever, and price to book and PE ratios at historic highs. Perhaps the "new math"--in large part responsible for the recent rise of multinationals--will soon be the rage.