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To: H James Morris who wrote (16994)	9/12/1998 12:55:00 PM
From: llamaphlegm	Respond to of 164684

HJM: Thanks for the reply. The good news just keeps on rolling in. I know that all the "experts" claim that the bottom fo rthis correction is around 7000 , but I just see too much damned uncertainty in the world to call a bottom (and who says how long it will last???) One bad case of contagion that lasts a bit longer than a day over in Brazil will just crush the US markets. Lat Am is a whole lot more important to our GDP than SEA. Anyway, I hope I'm wrong but ... By SHERYL WuDUNN OKYO -- In the starkest sign so far of the depth of Japan's recession, the government said Friday that the economy contracted in the second quarter by an annual rate of 3.3 percent, nearly twice as steep a fall as most economists had expected. This marked the first time that Japan's economy had contracted for three consecutive quarters since the government began keeping such statistics in 1955. Moreover, the economic data released Friday suggest that the core of the economy slid even more rapidly than it did earlier in the year, and there are fears that the recession could get even worse. "The Japan economy is probably about to go through its darkest moment," said Taichi Sakaiya, Japan's top economic official, at a news conference Friday after the figures were announced. "Tough times will continue." That spells trouble for other crisis-hit countries in Asia and elsewhere. As the world's second-largest economy, Japan plays a major role in influencing the trend of growth in the global economy. The tough times in the real economy have also coursed through the financial markets, which have been particularly jittery recently because of instability abroad as well as in the wobbly financial system at home. The economic figures were announced shortly after the close of the busiest stock-trading day of the year, but even without the news of the depth of the recession, stocks in Tokyo spiraled downward in their biggest single-day decline so far this year. The benchmark Nikkei average plunged 5.11 percent from its previous close to end at 13,916.98, down 749.05 points. The bond market rallied, sending the yield on the benchmark 10-year government bond to a record low Friday of 0.78 percent, just after having set a record on Thursday. Japanese long-term bond yields are already the lowest long-term interest rates of any country in history. ... nytimes.com