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To: marginmike who wrote (12992)	7/27/1998 12:19:00 AM
From: kech	Read Replies (1) \| Respond to of 152472

MarginMike - I still read the stuff on Japanese manufacturing in the auto industry. They do a lot of things right there and we still have a lot to learn in some manufacturing areas. It just seems to be the case that they can learn from us about consumer markets, financial markets, real estate bubbles, etc. I hope you are right that things there won't faze the Dow. Here is latest post. It doesn't look too bad there either by 11:30 CDT. Tom Nikkei down at midday on futures,fin min jitters Reuters, Sunday, July 26, 1998 at 22:59 TOKYO, July 27 (Reuters) - Tokyo stocks lost ground by Monday midday, dragged down by losses in Japanese stock futures in Chicago on Friday and by jitters over a lack of clues on who will be Japan's new finance minister, brokers said. The key Nikkei 225 average fell 280.27 points or 1.71 percent to 16,081.62 by midday. Nikkei September futures lost 290 points to 15,980. "It is unclear who will become the next finance minister and that clouded the market," said Masatoshi Sato, a manager at Kankaku Securities Co Ltd. Prime minister-designate Keizo Obuchi is expected to form a cabinet on Thursday. A broker at a second-tier Japanese securities house said the market was concerned that Obuchi may not pick former chief cabinet secretary Seiroku Kajiyama, a favourite of market participants, as finance minister. Kajiyama was a contender in Friday's election for leader of the ruling Liberal Democratic Party. Japanese media reported on Monday that Obuchi was considering asking former premier Kiichi Miyazawa to take the finance portfolio in his new cabinet. Stocks fell initially on Monday due to a decline in Nikkei futures in Chicago on Friday, brokers said. On Friday, Nikkei 225 September futures traded in Chicago closed at 16,125, down 145 points from their close in Osaka the same day. Brokers said trade was likely to be sluggish ahead of formation of the new cabinet on Thursday. "People will take to the sidelines for the next couple of days," said Yasuo Ueki, general manager at Nikko Securities. Trading volume was light at 176 million shares on the first section of the Tokyo Stock Exchange (TSE) against 180 million shares traded on Friday morning. Declining issues outpaced gainers 868 to 264, with 140 issues unchanged. Broader indices were also weaker. The TOPIX index of all first-section shares retreated 18.30 points or 1.45 percent to 1,239.71. The capitalisation-weighted Nikkei 300 was down 3.94 points or 1.58 percent at 244.98. News that AT&T Corp and British Telecommunications on Sunday launched a $10 billion global venture raised concern that competition in the telecoms industry will heighten, weighing down shares in Japanese telecom companies (TOKYO:0#COM). "The international carriers' aggressive moves could undermine Japan's telecoms like a body blow," said Kankaku's Sato. At midday, Nippon Telegraph and Telephone Corp (NTT) (TOKYO:9432) was down 50,000 yen at 1,190,000. Japanese telecoms operator Kokusai Denshin Denwa Co Ltd (KDD) (TOKYO:9431) fell 260 yen to 4,920 by midday. But during the lunch break, KDD said it would shortly begin talks with British Telecom and AT&T to join their alliance. Major declining sectors were led by real estate, followed by fisheries, pulp/paper, transport equipment, rubber, banks and communications. There were no major gaining sectors in the tokyo.equities.newsroom@reuters.com)) Copyright 1998, Reuters News Service