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To: Lee who wrote (55178)	10/10/1998 2:13:00 PM
From: Merritt	Read Replies (1) \| Respond to of 58727

Lee, it makes sense to sell treasuries to raise cash if you're Japanese.

To: Lee who wrote (55178)	10/10/1998 3:12:00 PM
From: Gersh Avery	Read Replies (1) \| Respond to of 58727

Lee .. Japanese banks have had very good interest rates for a long time now .. Perhaps LTCM was short yen to long SPX.x and Tiger was short yen to long bonds? If this is the case then the flight to quality was real and strength was sold into to cover a yen short. We still have the Big Bang phase II commin' on. 1/1/99. So then .. does the bond pull back continue or do we resume the flight to quality? I think that this is probably a good dip to buy in the long bond. Your thoughts? Gersh