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To: ahhaha who wrote (13328)	6/17/1998 1:48:00 PM
From: Bobby Yellin	Read Replies (3) \| Respond to of 116856

I think Rubin already did manipulate the long bond two or three years ago when they reduced supply..at first I couldn't believe it because I thought it would be better to have a lot of low interest rate debt rather than short term paper..so when inflation came back a lot of holders would get little return.. then I read somewhere..maybe Armstrong saying..that probably the Fed would start increasing the supply of long term debt soon ..thus it made sense.. bobby

To: ahhaha who wrote (13328)	6/17/1998 1:52:00 PM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 116856

This yen intervention is a holding action as both countries central banks will likely sterilize impact on their money markets. They are buying time until they decide on some specific policy initiatives to redress the imbalances. When you boil away all the verbiage, there are only two developments that could lift Japan out of its current deflationary difficulties. Either depreciate the yen to make Japanese assets (real estate, businesses etc not trade goods) more attractive internationally or raise the level of global inflation sufficiently to stabilize Japanese prices. It will be very interesting to see which medicine they choose. This weekends meetings should be very interesting.