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To: philv who wrote (11448)	5/8/1998 11:19:00 PM
From: Terry Rose	Respond to of 116828

philv, Most likely Japan and the U.S. have an agreement to freeze short term rates or at least move in conjunction with each other. Otherwise the fed would have already raised rates. When Japan finally throws in the towel and raises rates to defend it's currency, the U.S. should be right behind them in raising rates. I think that Japan is staring at the abyss. With Indonesia and South Korea now imploding, the threat of a Chinese devaluation, the drop to near 15,000 in their stock market, the banking crisis with the real threat of a bank run, and their recession, things couldn't get much worse. I have a strong feeling that the "invisible hand" will fairly soon sort things out there since the current situation is too far out of control for the Bank of Japan to fix. Terry,