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To: Oracle who wrote (6715)	8/16/1998 9:49:00 PM
From: Steve Fancy	Respond to of 22640

Tokyo Nikkei falls below 15,000 in early morning Sunday August 16, 8:42 pm Eastern Time TOKYO, Aug 17 (Reuters) - Tokyo share prices sagged in edgy early trade on Monday, with the market's benchmark Nikkei average of 225 leading shares falling through the psychologically important 15,000 level for the first time since June 26. After 12 minutes of trade, the Nikkei average was down 153.70 points or 1.02 percent at 14,970.23 amid active sales of banking shares. Sales were ignited by worries about Asian stocks, which have started to affect the U.S. and European stock markets, said a market strategist at Okasan Securities Co Ltd. ''It would be troublesome if Japan, a root cause of the whole problem, cannot come up with the next steps (to tackle its economic and banking woes), and the market has started to sound an alarm over this,'' the strategist said. Traders said shares in the banking sector were gripped by long-running jitters about possible ballooning in banks' already hefty bad loans in the aftermath of Asian and domestic economic woes as well as recent falls in domestic land prices. Japan's parliament is expected to discuss crucial bills to tackle banking-sector problems later this month, and traders said any delay in parliamentary debate could translate into further sales of Japanese stocks. Few traders believed the morning selloff would continue long, however. With technical charts already showing signs of overselling, the market may soon find a floor, with many participants willing to snatch up shares cheaply, they said. ''I think the market could close the day above the 15,000 level,'' said the Okasan strategist. ''We are not yet in a situation to see aggressive selloffs.'' Nikkei September futures were down 120 at 14,930 as of 0036 GMT. In active trading, shares in leading Japanese bank Sakura Bank Ltd fell 3 yen to 279, while Bank of Tokyo-Mitsubishi Ltd (8315.T) sagged 16 to 1,140. Earlier on Monday, the Osaka Securities Exchange said it had suspended trading of Showpla Asia Ltd (SHOW.SI) (7802.OS) following news last Friday that Japanese plastics maker Showa Plastics Co Ltd, which holds a 33.07 percent stake in the Singapore company, had sought court protection from creditors under Japan's bankruptcy laws.

To: Oracle who wrote (6715)	8/16/1998 9:56:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

MOF's Kuroda says to act appropriately on weak yen Sunday August 16, 8:24 pm Eastern Time TOKYO, Aug 17 (Reuters) - Senior Finance Ministry official Haruhiko Kuroda said on Monday that Japan was ready to take appropriate action to deal with a weak yen when necessary. Asked if the rate of 147 yen to the dollar was a peak, Kuroda told reporters at the ministry that the recent exchange rate of 146 to 147 yen to the dollar was excessive. ''An excessively weak yen against the dollar is not favourable,'' he said.