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To: William Wang who wrote (20027)	7/31/1998 5:49:00 PM
From: joe	Respond to of 45548

I'll take a look this weekend at the FX situation, but I don't see it as the end of the world anymore. Yen will probably hit 150-160 in the next month or so. China will most probably not devalue. Japan will make some changes. They are slow, but when they have to, they come up with something. E.Asia will probably have to sell some business, real estate, natural resources, whatever...then E.Asia will get its act together. Nobody will lend them $$ anymore. It's time they started opening up their businesses to US expertise is the way I look at it. When it starts happening with Japanese financials, imo, then we will start seeing Japan turning around. Europe looking good. Telebras sale was a great thing yesterday. Proves that Latin America is able to provide some world growth. From the few things that I've heard so far about Miyazawa, he sounds good. Letting the $/Yen go to true value is a good idea, but I'm still thinking some more about it. Also, US has had time to adjust to E.Asia problems, so US isn't effected as much as it would have 6 months ago - jmo.

To: William Wang who wrote (20027)	8/1/1998 12:09:00 PM
From: The Insider	Respond to of 45548

WW: The yen has been dropping against the $$ for several years now. Indeed, you can track the current phase of this bull market with the the yen's decline. So, the probability that the "market" (there are many markets) is "tanking" because the dollar is gaining strength is speculative at best. A better reason is that demand for US equity is slowing. If so, that could last a week, a month, etc.. Profit taking and redemptions seem more probable a cause. As for COMS, ??????????