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To: dwight vickers who wrote (22558)	6/10/1998 10:16:00 AM
From: Paul Fiondella	Read Replies (2) \| Respond to of 42771

(Off Topic) Asia Notice how the Greenspan coverage rarely mentions what is all over the financial press in Europe---What will the G7 do about the YEN? The YEN has fallen to the point where a further drop may bring China to devalue. That would cause a third and much more severe round in the Asia crisis. Overnight you had significant market drops in Hong Kong and Japan. I'd say that the reaction to Greenspan has to be either the beginning of the summer rally or we are already over the edge and into the beginnings of a Bear market. What do you think?

To: dwight vickers who wrote (22558)	6/11/1998 2:40:00 PM
From: Paul Fiondella	Respond to of 42771

(Off Topic) Rubin kills the YEN and the market rally Yes our wonderful Treasury wonderkind is so hell bent on forcing the Japanese to undertake American dictated reforms that he refuses to make any comments supporting the YEN. The YEN promptly sinks to 143. This causes everyone to look at China which is the first currency target of a devalued YEN and which is also pressuring Japan to do something. Underlying all of this is the nonsense that by Japan's YEN getting cheaper its economy will get a boost!!! At whose expense? China, all of SE Asia, Korea, and the US. Has Rubin lost his mind in consenting to allowing Japan to export its way out of its crisis? I think not. He is flailing. The whole Clinton free trade policy has collapsed. The administration economic policy has been blindsided by Asia. The US can't fix the Japanese currency (printing $$$ and buying YEN) and Japan can't fix its economy. The most the Japanese have done recently is say they might not bail out the banks that are suffering because of the YEN in terms of their international loans. (The last tiem we had a big bank might collapse scare there was a premium added to Japanese bank borrowing in London) And Hashimoto is bragging about his economic stimulus package! He said he is happy with 2%. (Of course that is 2% more growth than he has now.) So what is Rubin doing with these untimely noontime remarks? Is he trying to bring on a crisis that will force Japan to reform its banking system? Well if so he is succeeding. Japan is now at the cusp. The Nikkei is at 15034. THe YEN at 143. Keep in mind that Japanese banks use stocks to meet their capital requirements. And American investors can all kiss their long positions in the US stock market goodbye if Japan hits this iceberg.