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To: Patrick Slevin who wrote (39393)	4/13/1998 10:14:00 PM
From: j g cordes	Read Replies (1) \| Respond to of 58727

Patrick Japan did buy Yen, and paid for them by selling US bonds. How is the Fed rewarding them or not? Its their right to sell, they have plenty more to sell. Selling the treasuries proped the dollar, the strong dollar keeps bond rates from rising by keeping price inflation at bay. We were going into a price report tomorrow when this happened, which looked at first like a potentially bigger sale... but probably has been communicated as limited selling to cover spending and the IMF second level backing Japan provided Indonesia and Thailand... Time for a beer, trying a Pilsener from Santo Domingo, its good!