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To: Magnatizer who wrote (10357)	6/17/1998 10:25:00 AM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

It will be interesting to see what Japan actually does. IMO countries do not change this quickly in how they handle their internal affairs, and this is particularly true with people like the Japanese. I suspect they see it to their advantage to posture like this. I will only believe it when I see then follow through. But then what is reform to them may not be considered to be the same by us. Are many specifics being announced? Bob Graham

To: Magnatizer who wrote (10357)	6/17/1998 1:00:00 PM
From: James Strauss	Respond to of 42787

Japanese Reforms??? David: I wish it were so, but the current Prime Minister Hashimoto doesn't have the political will or support to carry out these reforms... Without banking reform and the writeoff of real estate loans that are carried on the books at amounts greater than the underlying property values, Japan will just be blowing smoke until they inevitably will have to devalue the Yen to try and export their way out of the mess they're in... Such a devaluation will force the Chinese and other Asian nations to devalue to compete in the export market... This would be bad news for world markets... Jim