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To: RFH who wrote (8057)	9/21/1998 1:54:00 AM
From: Jeffrey D	Respond to of 42834

Does anyone have a clue as to what the Japanese government is doing? See below. Geez!!! Jeff <<Nikkei slides to 12-year low, compromise seen off TOKYO, Sept 21 - Tokyo shares set fresh 12-year lows by midday on Monday as a compromise between the ruling and opposition parties over a package of financial stabilisation bills appeared in jeopardy. By the morning close, the benchmark Nikkei average was down 321.13 points or 2.30 percent at 13,661.99. It had fallen as low as 13,658.79. December futures were off 380 at 13,570. Pessimism spread after Kansei Nakano, a leader of the opposition Democratic Party, said in a talk show on Sunday that a hard-fought compromise on the bills reached on Friday did not necessarly constitute an agreement. "The question is, do we have an agreement or don't we have an agreement?" said Michael Wilkins, a dealer at Credit Lyonnais. "The market wants to know if it (the compromise) was just window-dressing ahead of (Prime Minister Keizo) Obuchi's trip." Obuchi left for the United States on Sunday. He is scheduled to meet U.S. Predient Bill Clinton on Tuesday. Banking shares, unsurprisingly, suffered much of the damage and cluttered the most-actives list. The banking subindex fell 2.26 percent. Sakura Bank fell 19 to 231. Fuji Bank fell 12 to 353. Bank of Tokyo-Mitsubishi fell 54 to 991. The carnage wasn't limited to banks. No sector managed to post a gain, with 886 issues declining and only 228 rising. "I'm very, very depressed," said one fund manager with the asset management arm of a commercial bank. "There's just no good news out there." Broader indexes were mauled. The TOPIX index of all first- section shares fell 19.75 points or 1.84 percent to 1,053.47. The Nikkei 300 dropped 4.19 points or 2.00 percent to 205.20. Other factors in the market included: Unwinding of cross-shareholding positions and profit-taking ahead of the September book closing. A weak economy raising concerns major companies will revise earnings downward. Electronics giant NEC Corp said on Friday it would post major losses for the first half. NEC fell eight to 876. Weakness in Asian bourses reinforced gloom in Tokyo. Traders worried TDK and Aoyama Trading would be the first of many companies to announce losses on Russian securities. Investors are worried the release of Clinton's videotaped testimony to a grand jury could distract the president from economic policy and jeopardise his administration. Reuters Terminal users can see other related news and rates by double-clicking on : All Nikkei indices All shares listed on Nikkei-225>>