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To: Defrocked who wrote (26351)	3/19/1999 12:07:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Def, I was just thinking what a good call - your sell the bonds over 122 handle was -g- where u in at .8635-40 basis the june, or are you doing spot somewhere?

To: Defrocked who wrote (26351)	3/19/1999 12:22:00 PM
From: John Pitera	Respond to of 86076

I think Hayami's talk about lowering yields on money market account out as far as 3 months is very negative for the yen as the differentials will expand vs the dollar.. esp since our rates are rising again. 07:05 ET: $-¥: 117.04...Euro-$: 1.0938 Dollar-yen took a hit overnight as the Nikkei pushed 4.2% higher to close at its best level since July 31, 1998. Some of the dollar's losses were contained by expectations that the BOJ would intervene in the market to stem the recent rise in the Japanese currency. The BOJ's actions also helped to ease some of the bearish tone towards the dollar as the central bank purchased Y300 bln in Treasury bills, leaving a Y1.5 tln surplus in the banking system. BOJ Gov Hayami reiterated that that the central bank's policy is to push the call rate near zero, but added that they will consider other policy tools as well. Hayami reported that the central bank is examining the idea of using yields on money market instruments with maturities between one week and three months as a target for monetary policy. The euro was somewhat hampered by yesterday's decision by the ECB to leave the benchmark 3.0% refinancing rate unchanged until its next meeting on April 8. Sentiment for a rate cut in early April was supported by another round of favorable inflation data as consumer prices in Italy rose just 0.2% in February from January, up 1.4% from the year earlier period. Despite the unexpected jump in French industrial production, which rose 2.3% on an annual basis in January, traders remained focused on yesterday's weak economic data out of Germany, as the Ifo research institute's index of Western German business confidence fell to 89.8 in February from 91.1 in January, the ninth straight monthly decline and the lowest level since July of 1996.