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To: A. A. LaFountain III who wrote (43642)	3/11/1999 9:28:00 AM
From: Tony Wang	Read Replies (2) \| Respond to of 53903

MU preannounces on the UPSIDE!!! Take that!

To: A. A. LaFountain III who wrote (43642)	3/12/1999 4:22:00 PM
From: eabDad	Read Replies (1) \| Respond to of 53903

Tad: I think there is a relationship with the health of the DRAM market and the dollar/yen. I think you can trace a broad correlation back to 1985. The low in the yen near 90 in 1995 does correlate with the top of the DRAM market. When I was in Japan in late 1996, the economists were talking about a recession in Korea in 1997 in part because of the DRAM market - DRAM exports had accumulated to 11% of the country's GDP. While it's hardly that big in Japan, it likely is big enough to affect GDP growth and the currency markets as a result. Z

To: A. A. LaFountain III who wrote (43642)	3/15/1999 10:04:00 PM
From: PAinvestor	Respond to of 53903

Hello Tad, it makes sense if costs are solely denominated in ¥ and revenues are in $, but I have yet to see any correlation that bears this out. In addition, working out the mix between what costs are, in fact, ¥ denominated and what are $ denominated is almost impossible given the disclosure. Further, if ¥-based DRAM production provides one with only a small proportion of DRAM capacity in the market, why would such a variable be statistically significant? That is unless one assumes that DRAM pricing control is based in Tokyo and global DRAM prices follow suit... Perhaps an attempt at a correlation based on a basket of currencies would be more appropriate?