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To: Loki who wrote (47005)	2/5/1999 10:03:00 AM
From: rupert1	Read Replies (2) \| Respond to of 97611

Loki: I don't remember being very positive about the Japanese recovery prospects. In reply to your question then, I said that recovery would be organic and slow, that given their more socialistic or state interventionst history, Europeans were less impatient with the Japanese than Americans. I also replied to you that I thought the banking problems would be fixed very slowly. I did say that Japanese would recover, that it would not fall to pieces and that it was very resourceful, wealthy and highly motivated country. Most commentators are saying that Asian generally is on the path to recovery: some of the renewed interest in commodities is predicated on renewed economic growth in Asia. But other European commentators think that current forecasts of the rate of growth may prove to be too optimistic. Disappointment may affect markets. The only Japanes holding I had was JEQ which I sold for about $11 and I think it is $7 several years later.