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To: Lucretius who wrote (27391)	3/24/1999 10:43:00 AM
From: yard_man	Read Replies (2) \| Respond to of 86076

All the big banks have cleaned up their acts and are now good investments <s> biz.yahoo.com

To: Lucretius who wrote (27391)	3/24/1999 11:03:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Hayami keeps saying he does not want yen strong. Department store sales down 2.6% for the month 22 out of past 23 months have shown a decline amazing the weakness in Japan. 07:00 ET: $-¥: 117.63...Euro-$: 1.0932 Fairly bearish tone towards the dollar in the foreign exchange market overnight following yesterday's 2.2% drop in the Dow. Dollar-yen resumed its downward trend with continued talk of Japanese repatriation ahead of the fiscal year ending March 31. The yen was also supported by the second straight day of higher interest rates as the benchmark 10-year JGB backed up 7.5 bp amid weak demand at last night's Y1.4 tln 10-year bond auction. However, some of the yen's upside was capped by the 3.1% drop in Nikkei and another round of weak economic data as department store sales fell 2.6% in February from the year earlier period, the 22nd drop in 23 months. There was little reaction to comments from BOJ Gov Hayami, who suggested that Japan's economy is no longer in decline due to increased public works spending on the part of the government, a decrease in excessive inventories, and a stop in the decline of industrial output. The euro strengthened a bit against the dollar overnight, though the single currency remains somewhat hampered by expectations of an imminent NATO air strike in Yugoslavia. The euro did receive some support in the wake of reports that German import prices unexpectedly rose rose 0.1% in February. Sterling has recovered most of its overnight losses against the dollar following the release of weaker than expected trade data. The UK trade deficit widened to a record GBP2.833 bln in January. Exports fell 5.4% to their lowest level since April of 1995, while imports fell 0.8%. Close Tuesday $-¥: 118.07...Euro-$: 1.0915 Fairly volatile day for the dollar which saw its overnight gains pared amid the sharp decline in US equities, with the Dow closing down 218 points. Dollar gains were fueled overnight by comments from Mr. Yen, Eisuke Sakakibara, who suggested that "the yen's excessive rise is undesirable at this moment," adding that "Japan will take decisive action against an excessive appreciation of the yen." The MOF's Kuroda added that a significant rise on the part of the yen is "not desirable," suggesting that it is important for the currency market to stabilize. The euro was little changed against the dollar as rate cut sentiment was somewhat dampened by comments from ECB council member Vanhala, who suggested that while the euro-zone may not recover in the near term, interest rates are low enough to support growth. Easing sentiment was also somewhat dampened by inflation concerns in Germany. Consumer prices in the Western German state of Bavaria rose a stronger than expected 0.2% in the month to mid-March, up 0.5% from the year earlier. The Mexican peso pushed higher today with support from favorable trade data released late yesterday. The February trade deficit of $362 mln was significantly less than the $543 mln deficit seen in January.