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To: Chip McVickar who wrote (1819)	4/16/1998 8:10:00 PM
From: CLK	Read Replies (2) \| Respond to of 3335

Off topic: I agree with this comment but did he mean "rise" in the yen or fall? I thought that if the Japanese market collapsed as it will that the Yen would fall, the people who loan us the money to keep our economy going would then sell the bonds and the dollar would eventually go down along with the Yen relative to, guess what, the Euro(gold backed) and gold. Comments? Bottom line if Japan goes down as it will, the US market goes down with it. This is not altogether off topic because it will change the economics of almost everything one invests in.

To: Chip McVickar who wrote (1819)	4/16/1998 10:17:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 3335

Off Topic to Chip and CLK Interesting post. I have been following Marc Faber for years. He is a bright guy with some fascinating insights. However he has been negative, I believe, on US equities for some time so his timing may be questionable. FWIW I agree that US equities are overvalued for some of the same reasons Marc suggests but not to as great an extent. BTW on the subject of the yen vs the dollar. You mentioned earlier the aggressive intervention by the Bank of Japan last week. The effect has really petered out. I have seen some interesting analysis over the recent days. The BoJ is very upset they didn't get more impact for the reserves they spent. Apparently the Japanese commercial banks were buying all the dollars the BoJ sold. Also Japanese individuals have been moving some assets off shore as well. The Japanese themselves have very low confidence in the yen right now. The yen will not strengthen more than temporarily until they figure out how to get the economy growing again and bolster domestic confidence. Henry