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To: craig crawford who wrote (12308)	12/17/1997 8:03:00 AM
From: Glenn D. Rudolph	Respond to of 45548

Asian-Pacific Markets Surge; Nikkei, Hang Sang Rocket Up An INTERACTIVE JOURNAL News Roundup Asian-Pacific markets rose Wednesday, led by a 3.5% rise in Tokyo and a 3.4% rise in Hong Kong. Tokyo's Nikkei Average of 225 stocks soared 3.5% following Prime Minister Ryutaro Hashimoto's surprise announcement of a 2 trillion yen income-tax cut. The Nikkei fell nearly 200 points in early trading amid disappointment over the ruling Liberal Democratic Party's economic stimulus package, parts of which had been revealed over the last few days. However, the prime minister's tax cut announcement late morning Wednesday, which represented a major shift in fiscal policy, bolstered the market. In Hong Kong, the market was buoyed by a host of positive factors, including falling interbank rates, hefty gains on Wall Street overnight, and the addition of two China-backed shares to the blue-chip Hang Seng Index next January, said traders. Hong Kong's interbank rates dropped on news of the Japanese income-tax cut -- a move that helped boost investor confidence in the Asian-Pacific region. The blue-chip Hang Seng Index rose 346.32 to 10692.70. Interest rate-sensitive banking and property stocks and China-backed shares led the market rally. ------------------------------------------------------------------------