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To: Jan Crawley who wrote (6612)	6/18/1998 4:05:00 PM
From: Mark Fowler	Read Replies (2) \| Respond to of 164684

Congradulations, bet you'll sleep better tonight. Tomorrow will be the real test.

To: Jan Crawley who wrote (6612)	6/18/1998 5:42:00 PM
From: Glenn D. Rudolph	Respond to of 164684

I don't know, but we may closed under $65 tomorrow, then lower next week!! I suspect close to 60 tomorrow at close. Glenn

To: Jan Crawley who wrote (6612)	6/19/1998 6:34:00 AM
From: Glenn D. Rudolph	Respond to of 164684

***OT*** Jan, This ought to make gold climb:-) Dollar nosedives against yen in Tokyo United Press International - June 19, 1998 05:50 %FINANCIAL %MONEY V%UPI P%UPI TOKYO, June 19 (UPI) - The dollar nosedived Friday against the yen in Tokyo on fears of monetary intervention and in anticipation of an optimistic outcome of a Tokyo meeting of finance officials from the Group of Seven nations. In late trading the U.S. currency was changing hands at 134.99 yen, down 2.33 yen from Tokyo's early quotation and 2.86 yen lower than New York's overnight rate. Nippon Trust and Banking Co. dealer Akihito Ena said, ''Investors like U.S. funds engaged in covering short positions on the yen on fears of monetary intervention.'' The dollar fell below 135 yen Friday in Tokyo for the first time in a month on expectations of yen-supportive news from the scheduled weekend meeting of Group of Seven (G-7) finance ministers' deputies and representatives from 11 Asian economies. During the day, the U.S. currency rose to a high of 137.80 yen before the late afternoon entrance of players from Europe, who pushed it to a low of 134.50 yen - a level last attained in Tokyo on May 15. Most deals took place at 137.35 yen. For most of the day yen-dollar exchanges were cautious ahead of Saturday's international gathering in Tokyo. The one-day meetings involve the G-7 finance ministers' deputies and representatives from the 11 Asian economies included in the Manila Framework. Dealers said market players felt a need to cover oversold yen positions due to rumors that Saturday's meeting may lead to a deal to stabilize the world's currencies. They believe an agreement could resemble the Plaza Accord, the 1985 agreement among the United States, Japan, Germany, Britain and France to drive down the price of the dollar. A Kyodo News report that the government is considering combining the financially troubled Long-Term Credit Bank of Japan (LTCB) with Nippon Credit Bank boosted the yen-holding sentiment as it is considered the start of a consolidation in the banking sector. Despite the yen appearing to hold steady, Masayuki Yamamoto, assistant vice president, foreign exchange, at Bank of America in Tokyo, said dollar bullishness is remains in the market. Yamamoto said, ''Every time the dollar dropped against the yen, we saw it come back very quickly.'' Dealers said news that Japan is discussing further measures to stimulate its economy lifted sentiment on the yen. It appears that Japan is considering additional stimulating measures such as lowering corporate and income taxes, and working out ways to deal with the bad debts strapping the banking sector. The encouragement by visiting U.S. Deputy Treasury Secretary Lawrence Summers who reportedly told Japan to put growth before fiscal health for the time being, also lifted market sentiment. Dealer said it is believed that an economy-stimulating plan was a prerequisite for the U.S.-Japan joint yen-propping intervention late Wednesday. Matthew Poggi, an economist with Lehman Brothers Japan Inc., said that if Japan is convincing in its efforts to shore up its economy, the yen could maintain its recent gains on the dollar. Shinji Yamada, senior manager of the customer desk at Fuji Bank, added, ''The speculation in the market is that Japan had to have made some commitments in order to convince the U.S. to help shore up the yen. '' He said the market will evaluate whether Japan is determined to act to put its economy back on track, adding he expects the dollar to trade between 135 and 140 yen next week.