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To: Eddie Kim who wrote (71214)	10/9/1998 10:58:00 PM
From: Mohan Marette	Respond to of 176387

<Asian Economy-Interest Rate cuts across Asia><Just in from Japan> Eddie: Well, it looks like we may all make some money next week,DELL-CPQ and all if we are lucky,barring any major disasters between now and then. ================================== Asian Govts Move To Lower Interest Rates SINGAPORE (Nikkei)-Several Asian governments are loosening the monetary strings in order to stimulate their economies amid the increasingly severe economic crisis in the region. Authorities are finding more room for monetary manipulation. The decline in their currencies against the U.S. dollar since last year has finally appeared to slow thanks in part to the recent plunge of the greenback itself. With the exception of Indonesia, market interest rates are moving near the levels just before the regional currency crisis erupted in July of last year. Singapore's four biggest banks reduced the prime rate - the rate extended to the most creditworthy borrowers - from 7.5% to 7.25% last month. United Overseas Bank chopped another 25 basis points off that rate Wednesday. Bangkok Bank, Thailand's biggest commercial bank, plans to reduce its prime rate 1.5 percentage points to 14% Monday, the fourth rate cut since Aug. 1. Other Thai banks are expected to follow suit. Malaysia's central bank intervened five times in the market between Aug. 1 and Sept. 5 to bring rates down to 7.5%. Taiwan lowered its official discount rate by 12.5 basis points at the end of last month. South Korea lowered its target call rate by 1 percentage point. Indonesia eased credit earlier this month for the first time in a year after acknowledging that market rates had fallen. Monetary authorities in Asian countries hit by the crisis had kept interest rates artificially high to protect their currencies, which had fallen sharply against the dollar. Although the region's economies have continued to deteriorate, the greenback's recent plunge had brought some stability to local currency markets, and the governments now have the chance to lower interest rates in order to stimulate the economies. (The Nihon Keizai Shimbun Saturday morning edition) ============================ Japan Govt Aims To Boost Public Funds For Banks To 30 Trln Yen TOKYO (Nikkei)-The government and ruling Liberal Democratic Party are planning to expand a pool of public funds set aside to help the nation's ailing financial system to at least 30 trillion yen, LDP sources said Friday. Under the LDP's bank-recapitalization bill submitted to the Diet, 10 trillion yen in public funds have been earmarked for fiscal 1998 for injection into financial institutions in need of fresh capital, but the government and LDP now want to increase this sum by allocating additional funds in the fiscal 1998 second supplementary budget. The government and ruling party concluded that it is necessary to make large fund injections to evade credit contraction by financial institutions. In addition to the 30-trillion-yen recapitalization fund, 17 trillion yen have been allocated for the protection of depositors. In a meeting with Chief Cabinet Secretary Hiromu Nonaka and LDP Secretary General Yoshiro Mori on Friday, Tsutomu Hata, secretary general of the Democratic Party of Japan, called on the government to set aside 30 trillion yen for the bank-recapitalization plan and another 20 trillion yen to temporarily nationalize financial institutions. (The Nihon Keizai Shimbun Saturday morning edition) Other measures being considered or being implemented by Japan to boost domestic consumption/consumer spending. Japan Govt Panel To Urge Tax Breaks On Mortgages Japan Ministry Weighs Shelving Pension-Premium Hike Japan Govt To Allow Bigger Housing Loans At Lowest Rate