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To: eabDad who wrote (44000)	3/18/1999 9:10:00 PM
From: PAinvestor	Respond to of 53903

Whoops! Sounds like we have a misunderstanding here. Getting back to your original comment: "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." My reply to you highlighting the difference in sizes of the economy between Japan & Korea was merely for comparison purposes. My point was that at 0.2% or so of GDP and 2% of exports, the health (or ill-health) of the DRAM market has little or no impact on the Japanese economy or trade surplus figures and, consequently, the Yen/$ rate. In comparison the high gearing that the Korean economy and trade figures has to DRAM exports (I believe some 40% of their total exports are DRAM) is, however, enough to impact economic growth and exchange rates. Again, the exact numbers can be debated (and they have not dramatically changed since 1995) but Japan's economy is so large that DRAM, or even ICs, exports don't play a major role in impacting the overall economy.