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To: John Hayman who wrote (13450)	8/7/1998 11:33:00 AM
From: marginmike	Read Replies (1) \| Respond to of 152472

All indications show improvement in ASIA! 2. Merrill Lynch Is Bullish On Japan (EWJ) Friday, August 7, 1998 Japanese voters threw the bums out of office a few weeks ago, and global investing guru Vivian Lewis says the political upheaval will accelerate reform. The odds are now better for institutional reform, cleaning up the banks, and much more aggressive fiscal and monetary reform, all moving toward a freer Japanese market. "This will result in layoffs, rationalization, downsizing -- plenty of non- traditional non-Japanese misery," Lewis says, "but the necessary precondition for the country pulling out of the crisis." Suddenly fund managers are turning bullish on Japan, according to Lewis. For instance, Merrill Lynch forecasts better times for both Japanese equities and the beleaguered yen. A Merrill Lynch survey revealed that domestic and foreign fund managers are buying up Japanese stocks, and that 72% of Japan's fund managers predict better times within a year. Also, fund managers in- and outside Japan forecast the yen slide will stop in the 140 yen-to-dollar area. "In addition to Japan OTC Fund, buy Japan WEBS (EWJ)," Lewis says, referring to World Equity Benchmark Shares. "Do not buy closed-end funds investing in Japan at current huge premiums. In fact, the most daring of you may want to short Japan Equity Fund while buying the WEBS." She also recommends a limit order as the WEBS can be volatile. For more on Vivian Lewis' recommendation, see "Tracking Japanese Bulls," August 1998, Global Investing: Vivian Lewis' service is for investors seeking to build an international portfolio of stocks and bonds without leaving Wall Street or their regular brokers. investools.com It might be a bottom. Also reason why asian weaken stocks are recovering on NASDAq!