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To: Paul Fiondella who wrote (42156)	12/13/1997 10:27:00 AM
From: chirodoc	Respond to of 186894

slightly off topic--but important for predictive effects japanese will finally START small tax cuts--will announce next week. if korea accepts imf and the japanese set up an RTC type of bank bailout, there will be beginnings of growth in japan within 3-6 months and the ASEAN countries and china will be chugging in 6-18 months. that being said, if a xenophobe is elected in korea and japan screws this up--there will be no place to hide for the next year--not even in intel. pray for a moderate to be elected in korea and the japanese to come to their senses and deregulate/cut taxes <<<<<<<Delay in reform package sends Tokyo stocks reeling PM pledges only to 'take every possible step' to avert crisis By Anthony Rowley A WIDELY-ANTICIPATED package of measures to bolster Japan's financial institutions and reflate the economy failed to materialise yesterday, sending the Nikkei stock index sliding below the 16,000 level. In his speech last night, Prime Minister Ryutaro Hashimoto only pledged to "take every possible step" to avert a full-blown financial crisis in Japan. He stopped short of spelling out what measures his government will take. A bill aimed at promoting mergers of ailing banks by revising Japan's deposit insurance law was approved by a full session of parliament's Upper House. Cabinet ministers are now expected to put the finishing touches to the full package, expected to be announced on Monday. The Nikkei 225-share index fell by 145.85 points, or 0.9 per cent, yesterday to 15,904.3. Signalling further weakness ahead, the Nikkei March futures shed 150 points to 15,950. The yen, too, slid lower to close at 130.6 to the US dollar in Tokyo. Yesterday was a black Friday in Tokyo. Bank of Japan governor Yasuo Matsushita admitted that the slowdown in Japan's economy is intensifying as a result of weak personal consumption. "Inventory adjustment is continuing in constructionrelated industries and industries that produce durable goods. Production is rather weak, and this seems to be having an impact on employment and incomes," he said. Meanwhile, total debts held by bankrupt companies in November surged 29.8 per cent from a year ago to 2.01 trillion yen (S$25.5 billion), the second-highest monthly figure ever, Tokyo Shoko Research said. The number of failures was up 5.6 per cent while the debts of bankrupt firms more than quadrupled from the 486.96 billion yen in October. Hokkaido Takushoku Bank, which collapsed recently under massive bad loans, has liabilities exceeding assets of one trillion yen, according to a press report. The huge amount of excess liabilities, which is expected to be covered by the Deposit Insurance Corporation, was discovered by a finance ministry team inspecting the failed institution, the Asahi Shimbun reported. A spokesman for the bank would not confirm the report. A tax panel of the ruling Liberal Democratic Party will propose tax cuts of around 500 billion yen for fiscal 1998, which begins on April 1, Japanese media also reported yesterday. The reports said the panel was leaning towards a net reduction of between 100 billion and 200 billion yen in corporate taxes. The panel was also considering halving the securities transaction tax in 1998/99, freezing the land-value tax and shaving the tax rate on capital gains from land sales.

To: Paul Fiondella who wrote (42156)	12/13/1997 11:57:00 AM
From: Tunica Albuginea	Read Replies (2) \| Respond to of 186894

Paul, Re: "On the "risk" of not being invested. I believe from 1929 to 1947 no money was made in the stock market due to the Depression. Similarly there was a long period in the 70's when no money was made due to inflation. Most of the investors here just have not experienced that type of market yet. Its called a bear market and they are not fun. ITs when you own stock that goes down for no good reason and keeps going down. Portfolios should be balanced between equities and bonds and cash.. A guy in PBS last Friday made a couple of nice observations: a ) Bear markets occur when E V E R Y B O D Y thinks that we can only continue to go up.That has not been the case until now, ( two large corrections, April and Oct this year ). b)The tops of Bull markets are not reached unless " all da BEARS " throw in the towel and buy; that has not occured. I am looking for a Jan rally into Feb ( based on lower fears from Asia; money pouring into mutual funds ) and then another correction in April based on renewed eps worries from Asia. Just my gut feeling. TA