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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: borb who wrote (1515)	10/15/1998 1:07:00 AM
From: chirodoc	Read Replies (1) \| Respond to of 3902

i am buying japan now by buying companies that have been beaten up however i am not buying the japanese market it is sick and will be sick until they finally cut taxes and deregulate more till then i am accumulating citicorp/travelers might consider merril lynch check this out: October 14, 1998 Citigroup, Japan Banks May Ally -------------------------------------------------------------------------------- A.P. INDEXES: TOP STORIES \| NEWS \| SPORTS \| BUSINESS \| TECHNOLOGY \| ENTERTAINMENT -------------------------------------------------------------------------------- Filed at 11:38 p.m. EDT By The Associated Press TOKYO (AP) -- Citigroup Inc., America's largest financial services company, will begin talks this month to forge an alliance with two major Japanese banks to develop and sell mutual funds in the Japanese market, a newspaper reported Thursday. Citigroup hopes to reach an agreement with two so-called city banks in Japan, Asahi Bank Ltd. and Tokai Bank Ltd., Tokyo Shimbun said, without citing named sources. It said an agreement could be reached as soon as early next year. Spokesmen for Asahi Bank and Tokai Bank denied the report, saying no talks on an alliance with Citigroup are planned. The report comes amid a series of similar alliances between foreign and Japanese financial institutions triggered by the recent deregulation of Japan's banking, brokerage and insurance industries. Earlier this month, Wall Street investment bank J.P. Morgan and Co. said it would set up a Tokyo-based mutual fund business with Dai-Ichi Kangyo Bank Ltd., one of Japan's largest lenders. Prudential Insurance Co. and Mitsui Trust and Banking Co. agreed in July to open a joint mutual fund company. Earlier this year, Merrill Lynch & Co. and Fidelity Investments Co. both announced plans to set up separate nationwide retail networks in Japan. Citigroup is the product of a merger announced in April between Citicorp and the Travelers Group Inc. -- which bought Nikko Securities Co., Japan's third-largest brokerage house, in June. In September, Asahi Bank and Tokai Bank announced their decision to join hands in fields such as private banking and mutual fund marketing. They also plan to purchase shares of one another and eventually set up a joint holding company. A deal between Citigroup and the two banks would expand the New York-based financial giant's access to an estimated $9 trillion pool of personal financial assets held by Japanese savers and investors. Tokyo-based Asahi Bank has 429 offices worldwide, employs 12,688 people and has total deposits of 20.4 trillion yen ($172 billion). Tokai Bank, based in Nagoya, western Japan, has 303 offices worldwide, employs 11,407 people and has total deposits of 19.9 trillion yen ($167 billion).