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To: robert w fain who wrote (42835)	12/19/1997 9:12:00 AM
From: Paul Fiondella	Respond to of 186894

Once the traders in Japan figure it out Japan like Korea needs major banking reform on the order of what happened here in RTC days. The bad debts have to be put to rest. The assets liquodated and the bad lenders closed. Japan also has an export solves all problems mentality. They have been unable to stimulate "consumer culture". I do not expect the tax cut will cause the economy to turn around. Finally the underlying problem is too much capital chasing too many speculative investments. Until the penalties are severe for speculation, this will happen again and again. The Japanese govenrment doesn't penalize its speculators. Nor do we for that matter. Just get ready for a bear market.