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To: kech who wrote (12988)	7/26/1998 10:20:00 PM
From: Jon Koplik	Respond to of 152472

Tom - I just re-read your Reuters coverage of early Japanese market action, and noticed they left out the one (and only) thing I look for in these overnight updates - the yield on the 10-year J.G.B. (Japanese Government Bond, I think). I just checked A.P. 10 minute updated news (starting from the NYT's website), and the JGB is down to 1.35% yield, down from 1.37 the previous day, and 1.45 or so recently when a lot of people all collectively talked themselves into thinking "That's it. Everything is different in Japan. JGB on its way to much higher yields again, since we will soon have real capital markets again..." Well, the move from 1.45% to 1.35% rather quickly says to me that it is all rapidly unraveling again. (Maybe I am making a big deal out of this, but I would strongly recommend -- keep your eye on the JGB yield). Jon.

To: kech who wrote (12988)	7/26/1998 10:50:00 PM
From: marginmike	Read Replies (1) \| Respond to of 152472

Markets there down close to 300. It doesnt seem to faze Dow. Two weeks ago there would be a definite sell off after a big fall in Japan. Now seems like nobody cares, its just somthing to ofset growth and keep interest rates low. Do you remember the late 80's when all the Japs could do was tell USA how unproductive we are. The movie gung ho, and the book The Japan that can say no? Seems like another world. I remember books on the car industry which would have you believe the USA was becoming a nation of Mcdonalds and there would be no manufacturing base. If it didnt affect my investement and other countries I wouldnt lose sleep if Japan fell into an abyss. They have ignored everbody, and continue to believe what is now the Asian growth Myth.