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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Investor2 who wrote (28553)	9/21/1998 11:45:00 PM
From: Robert H.	Read Replies (2) \| Respond to of 94695

Good news for the Bulls. ... What a joke. ...Guess this news will push the market up. Industrial Bank of Japan to Value Stocks at Purchase Prices Tokyo, Sept. 21 (Bloomberg) -- Industrial Bank of Japan Ltd., one of three major Japanese banks that still values its stockholdings at market prices when figuring its earnings, said it will switch to purchase-price accounting from the end of September.Starting this year, Japan's finance ministry no longer requires banks to post losses incurred when the value of a stock dips below the price at which it was bought. Instead, the banks can value their equity portfolios at purchase price until the shares are actually sold. All of Japan's other 19 nationwide lenders besides Bank of Tokyo-Mitsubishi Ltd. and Mitsubishi Trust and Banking Corp. had already switched to purchase-price accounting for stockholdings during the last business year, after plunging share prices threatened them with heavy losses. Critics say the revised accounting practices make it harder to judge the banks' financial health. IBJ's move will protect the bank from taking losses due to ' 'the influence of temporary stock movements at the end of a reporting period,'' the bank said in a press release. Japan's benchmark Nikkei 225 index, which fell to a 12-year low of 13,597.30 today, has dropped almost 18 percent since the end of the last reporting period on March 31.