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To: Hawkmoon who wrote (25816)	1/10/1999 6:16:00 PM
From: goldsnow	Respond to of 117274

It is true to the extent...Weaker Yen though is bigger threat for Asia (that compete not with USA but Japan) and biggest stambling block for the Asia recovery (removed now and one would argue inverse-Market see Asia recover..yen is up never mind dollar (domestic consumption will more than offset strong dollar)

To: Hawkmoon who wrote (25816)	1/10/1999 6:51:00 PM
From: goldsnow	Respond to of 117274

Supachai sees Asia move to ''yen currency area'' 05:57 a.m. Jan 09, 1999 Eastern By Narayanan Madhavan JAIPUR, India, Jan 9 (Reuters) - Thailand's deputy prime minister Supachai Panitchpakdi said on Saturday that East Asian nations would reform their crisis-hit financial systems in the coming years, and move towards a common yen currency area. ''Without moving towards any currency (which is new)....we would be moving towards a sort of yen currency area,'' Supachai told an international business conference in this northwest Indian city. Supachai is a frontrunning candidate to become the next director-general of the World Trade Organisation (WTO) to succeed incumbent Renato Ruggiero of Italy, whose term is scheduled to end in April. The Thai minister said Asia could set up its own lending institution, similar to the International Monetary Fund (IMF), whose prescriptions for crisis-hit economies have evoked protests and criticism in the region. ''There is an increasing possibility of an Asian IMF being created,'' he said, and also foresaw the emergence of joint cross-border infrastructure projects. Supachai said South-East Asian economic growth rates would not see the heights they witnessed over the past few years before the crisis that erupted in 1997. ''There will be a rare case indeed of double digit growth in Asia,'' Supachai said, adding that the average 7-8 percent annual growth rates in the region seen in the past were unlikely to be repeated in the next two decades. ''If we would achieve over the next two decades five to six percent per annum, I would be satisfied indeed,'' he said. Supachai said Asian economies would take a few decades for their financial systems to reach the standards found in advanced countries. In the coming years, Asian nations were expected to increase coordination of economic policies and add to the membership of groupings like the ASEAN (Association of South-East Asian Nations) and APEC (Asia-Pacific Economic Cooperation), he said. Copyright 1999 Reuters Limited.