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To: Sarmad Y. Hermiz who wrote (40181)	2/15/1999 8:08:00 PM
From: GST	Read Replies (2) \| Respond to of 164684

Sarmad-- Damage control in Japan -- yen down, bond rates down, GLOBEX getting a bounce. Monday February 15, 7:35 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) MOF to cut long bond issue, resume bond buys-Kyodo TOKYO, Feb 16 (Reuters) - Japan's Ministry of Finance (MOF) plans to reduce the amount of 10-year government bonds to be issued in February and March by 400 billion yen, and will instead issue two-year and six-year notes to raise the same amount of money, Kyodo news agency reported on Tuesday. Quoting Finance Ministry sources, Kyodo said that MOF would also resume outright purchases of outstanding government bonds in February and March through its Trust Fund Bureau in a bid to stem a rise in long-term interest rates. Finance Minister Kiichi Miyazawa will announce the decision later on Tuesday, Kyodo quoted unnamed ministry sources as saying. MOF's Trust Fund Bureau stopped its outright purchase of outstanding government bonds last month in line with a new state budget which calls on the bureau to expand loans to governmental financial institutions which then can lend more money to private concerns. The bureau, which is in charge of managing funds for the postal savings and public pension systems, used to purchase an average of 200 billion yen in government bonds a month. (Note: this article is ''in progress''; there will likely be an update soon.)