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

To: fut_trade who wrote (1738)	3/2/1999 2:37:00 PM
From: fut_trade	Read Replies (1) \| Respond to of 3902

Summers - global storm clouds need time to clear WASHINGTON, March 2 (Reuters) - Deputy Treasury Secretary Lawrence Summers said on Tuesday that it may take time for the storm clouds that have rocked Asia, Russia and Brazil to clear and that there was still too little global economic growth. ''The risks around the world are still very much tilted toward lack of growth, spare capacity and slowdown -- rather than toward economic overheating,'' Summers said in a speech to the National Association for Business Economics. ''Concerns are about excess supply not excess demand. And in many places worries about rising prices have given way to concern about falling prices.'' Summers said a five-nation Asian tour which took him to Indonesia, Singapore, China, South Korea and Japan was ''sobering.'' He returned to Washington on Saturday. Thailand, South Korea and the Philippines are some notable points of light in the region, but Indonesia and Malaysia still face uncertainty, Summers said. What happens in Asia over the next few months depends on whether Japan is successful in boosting its economy, he added. Summers said it was important for the entire region that Japan does not use exchange rates as a substitute for creative economic policies that use fiscal and monetary policy tools to restore confidence and growth. On Russia, Summers said it was ''far from clear'' that the period of danger has passed, adding that both inflation and political uncertainty were on the rise. For Brazil, he said it may ''take time and perseverance'' to convince investors that Brazil has turned the corner.