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To: Sig who wrote (71346)	10/11/1998 10:54:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<Japan> Yeah that is the ticket-Come on oh ye Japan you can do it. Sig: The reason why Japan is up strongly this morning,it looks like,is due to the 'hope' that the LDP is and the opposition party leaders are seriously considering infusing a massive amount of money to fix the banking problems and to protect depositors.The amount they are working on is a whopping +500 billion dollars,actually close to 600 billion dollars! Hope they go through with it and that should pretty much solve the Asian crisis and restore confidence in the world markets. Well here is the news,no point in me going on babbling about it.<g> ===================================== Sun, 11 Oct 1998, 10:38pm EDT 10/11 Asian Stocks: Japan Gains on Bank Proposals, Australia, N.Z. Rise Tokyo, Oct. 12 (Bloomberg) -- Japanese stocks rebounded, pulling the benchmark back from its 13-year lows, on news the government may substantially increase the amount of money it will allocate to strengthen Japan's fragile banking system. Key financial issues such as Bank of Tokyo-Mitsubishi Ltd. and Sakura Bank Ltd. were untraded as buy bids overwhelmed sell offers. Other Asian stocks are likely to get a positive boost from the strengthening yen, a rally in U.S. computer-related shares on Friday and talk of further interest rate cuts. Japan's ruling Liberal Democratic Party may earmark 67 trillion yen ($573 billion) to the stabilizing the banking system -- 50 trillion to recapitalize banks and 17 trillion to protect depositors -- Japanese media reported. ''Sixty-seven trillion yen is like a sugar rush,'' said Winston Barnes, head of foreign equity sales at Nikko Securities Co. ''We're coming from 13-year lows, so news that we're moving ahead to take care of the financial crisis is very positive.'' The Nikkei 225 index climbed 413 points, or 3.2 percent, to 13,292.98. Sony Corp., which sank to a 52-week low Friday as the dollar dropped against the yen, was untraded on a glut of buy bids after the computer-laden Nasdaq Composite Index surged more than 5 percent in Friday's U.S. trading. Top exporters such Fuji Photo Film Co., Bridgestone Corp. and Honda Motor Co., which also fell to their lowest in a year during Friday's sell off, were untraded as buy bids overwhelmed sell offers. ''Shares were so battered last week that investors are taking another look at them and picking up bargains,'' said Koji Hayakawa, a manager at Ichiyoshi Securities Co. The dollar took a swan dive Thursday as hedge funds scrambled to buy sell dollars to pay back yen loans. The dollar recently bought 116.75 yen, and fell 13.7 percent last week. Australia, New Zealand Australian stocks rose, lifted by News Corp., which makes most of its money in the U.S. Its shares rose 2.6 percent to A$8.87. The benchmark All Ordinaries Index rose 0.8 percent to 2510.50. New Zealand's benchmark Top 40 index rose 1.5 percent to 1730.45. ''We should be slightly positive,'' said Paul Nicholson, a broker with Warburg Dillon Read in Auckland. Not only did Wall Street gain on Friday, the outlook for further interest rate cuts is improving, while the stronger yen should boost earnings of New Zealand companies exporting there. Brierly Investments Ltd. rose 8.3 percent to 39 New Zealand cents on expectations a new chairman may be announced soon, which could lead to sales of assets. Around Asia Stocks in other Asian countries such as Singapore, Hong Kong and the Philippines could rise as interest rates are heading lower because as the stronger yen takes the pressure off the region's currencies. ''The focus will be on an interest rate cut,'' said Eric Chau, an institutional salesman at DBS Securities Hong Kong Ltd. Chau said there's expectations Hong Kong banks may cut as much as 50 basis points off their prime lending rate, currently at 10 percent. Philippine property stocks may also gain as the prospects of lower interest rates could revive buying in real estate on expectations lending rates will head lower. Malaysian property stocks may get a boost after Malayan Banking Bhd., the nation's largest bank, cut its key lending rate to 8.5 percent on Thursday.