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Following my earlier message I read an article on reuters suggesting that
Fin Minst. Matsunaga has said that no specific solutions for the bad debt
problem will be forthcoming until the Upper House elections are concluded
sometime in mid-July. - Not what the markets want to hear.
The one possible positive on the horizon is an article in the Asahi Shinbun
speculating that LTCB may be in merger talks with DKB. Definately a
positive for LTCB, a bit of a negative for DKB but I think +ve on the whole
for the banking system.
I guess the markets will cast their vote on weekend talks when the markets
open in the far east in about 3-4 hours.
E.
Essan Soobratty wrote:
> Reading some of the news items it would seem that the G7 deputies
> get-together at the weekend resulted in very little being offered by the
> Japanese. Sakakibara's statement on Saturday had a lot of negatives: No
> specific pledge on bad debts, No real progress in talks to close
> insolvent banks and only "intentions" of reviewing tax reforms. All in
> all, not specific plans on rescuing their economy
>
> My initial reading on last weeks intervention was that it was done
> because the Japanese had conceded to stimulate their economy in return
> for Rubin's help. Now it seems more that the intervention was ordered
> by Clinton as a gesture to China ahead of the upcoming visit by
> Clinton/Rubin.
>
> Unless something concrete is announced I expect the dollar to resume its
> rally for now.
>
> Any counter thoughts? Anyone?
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