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To: Ahda who wrote (21082)	10/8/1998 12:24:00 AM
From: waldo	Read Replies (1) \| Respond to of 116796

Mighty U.S. dollar has become "mortal" -analysts ''We now have the beginnings of a serial bear market in the U.S. the dollar which will last many quarters if not years,'' Westpac market strategist Peter Pontikas told Reuters Television. ''The U.S. was so out there on its own, so clearly the leading economy in the world that everything was judged against it and found wanting,'' said Moloney. ''Now the world can no longer rely on the U.S. to be strong, the dollar has become a mere mortal again.'' biz.yahoo.com W

To: Ahda who wrote (21082)	10/8/1998 8:12:00 AM
From: Alex	Read Replies (1) \| Respond to of 116796

NEW YORK, June 23 (Reuter) - The following is a transcript of the question and answer in which Japanese Prime Minister Ryutaro Hashimoto, following a speech at Columbia University in New York, commented on exchange rates and Japanese holdings of government securities (reply translated by Reuters): Question (in English): “My name is Thomas Lehrman from Tiger Management. The Japanese government has about $200 billion in reserves; most of those are held in U.S. government securities. “In light of the fact that over the last 20 years the U.S. dollar has lost about 50% of its value against the yen, do you think it is in the long-term interest of Japan and its people to continue to accumulate U.S. securities?” Hashimoto's answer (in Japanese): “I don't suppose there is anyone here from the Federal Reserve System or the New York Fed? “Actually several times in the past, we have been tempted to sell large lots of U.S. Treasuries. For instance, when we were arguing with Mickey Kantor in the US-Japan auto dispute, or when the exchange rate has suffered extreme movements and the American people have done little but look at domestic issues, concerned less about the role of the dollar as the key international currency. “To be honest, we were very tempted on those occasions. “However, in terms of fund management, we did not take the most advantageous road. Rather we had the choice to sell Treasuries and increase our gold reserves. “Supposing the Japanese government sold some of its Treasury holdings, I think that the American economy has the underlying strength to withstand this. “But would such an action not have a large impact? This is what I want everyone to reflect on. “It is not just Japan. There are many countries in the world which conduct the management of their foreign exchange reserves in Treasuries. These countries continue to hold on to those Treasuries, even when the dollar plummets. And to some extent, it is this continued holding of Treasuries which supports the U.S. economy. “This is the point which is not sufficiently recognized. “I hope the U.S. will engage in efforts and in cooperation to maintain exchange stability so we will not succumb to the temptation to sell off Treasury bills and switch our funds to gold.” (End of answer.) fame.org