Conference nyoss1::market_investing

    There's excellent analysis on yesterday's U.S.A Today (dated
    Apr-7-1992) business section.
    
    Michael...

    
    	Re: .1
    
    	Would you please give us a quick summary of what the article said?
    Thanks.
    
    								-craig

    
    Re: .2
    
    I'll give a shot here to see how much I remembered.
    
    For the bearish side of Japan market:
    
    Even by latest sliding, P/E is still too high by U.S and Europe
    standard. Corporate earning is low and keep declining. Real_Estate
    value is dropping, and interest rate is raised by government.
    The whole blame is on bubble glasss booming of '80. Does this
    sound familar to us ?
    
    For the bullish side of Japan market:
    
    P/E, even though stand around 40, is unbelieveable low compare to
    historical 70-80 range. Export is still strong, especially if economy
    of U.S will pick up 2nd half of the year. Huge cash surplus and saving
    rate by Japanese people will weather the storm lighter than we do.
    In the meanwhile, analysist suggest that since we don't know when
    Nikkei will hit bottom, and it seems now is only 10-15% to bottom, it
    will be best if investor can build up porfolio gradually from this time
    on.
    
    For U.S folks, there are three fund was suggested, all are specialized
    in Japan, namely
    
    G.T Japan growth
    T.W. Rice Japan fund
    Japan fund (closed end)
    
    Hope this help,
    Michael..

    This week's _Barron's_ has an excellent summary of the Japanese market.
    
    Don't try to catch a falling sword.
    
    Lack of volume on the decline means there are many sellers who have not
    yet sold.  And the bond market is facing some very tough times with
    companies having to come up with new financing because their stock
    price is below a certain level.  I don't remember the details, but the
    _Barron's_ interview discusses this somewhat.
    
    There will be PLENTY of time to get in at the bottom.  For one thing,
    you want to wait until the Japanese themselves show more interest in
    buying their own stock.  Right now the Japanese are unhappy about a
    lot of things, PM Miazawa, financial institutions, maybe even some US
    trade practices.
    
    At one time, the real estate value of the Imperial Palace was greater
    than all of California real estate.  And there was one prefecture in
    downtown Tokyo that was worth more than all the real estate in the USA
    and Canada combined.  These excesses have not been worked out, and
    considering how many Japanese borrowed against their property to buy
    stocks several years ago -- well, it doesn't look good.
    
    Where are all those "experts" who insisted the Japanese accounting
    system made the Nikkei reasonable at 40,000?  Have they retired on
    their wealth?
    
    The Nikkei will hit 8,000 before it hits 30,000.
    
      John

>>                         <<< Note 148.3 by RT95::HU >>>
>>                               -< From memory.. >-
>>    value is dropping, and interest rate is raised by government.
>>    
>>    Japan fund (closed end)
    
    Minor nit. The Govt of Japan (their equivalent of the Fed reserve) 
    recently reduced the interest rates (too little, too late) by 3/4 of a
    percent.
    
    And I think the Japan fund is no longer closed. I think it has been
    converted to a "open" fund.
    
    IMHO, it would be better to be part of a general Int'l equity fund
    (more diversified) than to go with a strict Japan fund.

"Funds Make It Hard To Play Japan"

Jonathan Clements and Michael Sesit write that most "international" funds
don't emphasize the Japanese market as heavily as the EAFE index does.  
They analyze several "Japanese specific" funds which would give you an 
all-Japan portfolio.  I only skimmed the article, but they indicate that
there are arguments on both sides of the "is _NOW_ the time to buy Japan?"
issue.

Tom

    Seen from this side of the Pacific, the slide may continue.  
    
    It seems that the stock market is tied to the banking industry and to 
    real state --very tightly.  According to some articles I read, banks 
    are in a mess, and real state is the bubble everybody is waiting to see 
    explode.  
    
    Add to this the impact of the recession in the American economy, and
    the "buy American" sentiment, which may be replicated in other
    countries affected by their own recessions, and recovery for an economy
    based on exporting will be difficult.  
    
    I am staying away from Japanese securities until all this gets sorted
    out.
    
    Juan

Barron's.  April 6, 1992.

For U.S. investors in foreign stocks....among the 20 major stock markets, Hong
Kong far outdistanced the pack, rising 17.2% in greenbacks.  (In the 34-bourse
MSCIP universe, it was outpaced only by three emerging marts;....)  Among key
reasons: With Japan, the biggest non-U.S. market, in a steep decline, many
Pacific Basin investors went heavily overweight in Hong Kong.  Second, China
openly embraced capitalism, and many Hong Kong companies are China plays. 
Third, Hong Kong's currently is pegged to the dollar.

All that said, hot money quickly could flow out of Hong Kong whenever Japan is
perceived to have hit bottom.  Judging by last week's action in Tokyo, that
day isn't likely to arrive any time soon.

The impact of currency moves on first quarter performance shows up in several
ways.  Three bourses fared better in dollars, one enjoying a bigger gain (Hong
Kong), two other smaller losses (Australia, New Zealand)....

If you're interested in getting into an international stock fund with
good-sized holdings in Japanese companies, T. Rowe Price's INternational Stock
fund had 22% of its assets in Japan as of 1/25/92. That's the funds largest
holding, with United Kingdom in second at 16.6%. 

In 1991, the fund returned 15.9%, vs 12.5% for the EAFE index.

The price/share was 9.12 at close yesterday, down $0.13.

Brian

    
    several years ago John Templeton was on Wall Street Week and Louis
    asked him: when will the bull market be over? Templeton said: 
    when the gap in valuation between Japanese stocks and US stocks 
    is closed. 
    
    The gap, of course, could be closed by US stocks rising to 70xPE 
    prices, or Japan falling to 20xPE prices, or a meeting in between. 
    
    His point was: world money will flow to the US and other markets
    as long as they are values. Value is a comparative thing. As long
    as Japanese stocks carry such a high PE, it is attractive to look at
    US stocks, even with the currency risk. Now that NYSE is approaching
    30 on the PE and Japan is approaching 40, are we nearing the end,
    as Templeton said? 
    

    Scudder Int'l fund also about 30% of its assets in Japan, though it
    hasn't done well recently (they also don't have any exposure in Latin
    America much to my chagrin).
    
    I think there is further trouble brewing as far as the Japanese
    companies paying (or more like not paying taxes) in the US. Evidently
    most Japanese companies pay either 0 or a negligble taxes in the US due
    to accounting gimmicks (this according to the house committee on ways &
    means). How this is going effect the individual companies remains to be
    seen...

    RE: .5 The Japan Fund has been converted to Open End. It is listed
    seperately but managed by Scudder.
    
    Ray

The following reply containg a Chart of Nikkei Indenx in regis format.
Maybe the Elliot wave theorists have a try here. For my opinion there's
still some pts to go before it reaches a trend change. Of course for the
traders of us there'll be enough chances to have interim rallies for this
purpose...


Regards
  Patrik

t(s1)
p[50,0]
t'NIKKEI AVERAGE  (INDEX) High: 38900  Low: 9948  Last: 17542.4 '
p[50,20]t'First:01.08.84 Last:24.04.92 Chart:27.04.92 Logchart Dev:28.5%'
w(p1)p[48,50]v[48,450]v[702,450]v[702,50]v[48,50]
w(p6)
p[0,417]t'10000'
p[50, 427 ]v[700,]
p[0,306]t'15000'
p[50, 316 ]v[700,]
p[0,227]t'20000'
p[50, 237 ]v[700,]
p[0,166]t'25000'
p[50, 176 ]v[700,]
p[0,116]t'30000'
p[50, 126 ]v[700,]
p[0,74]t'35000'
p[50, 84 ]v[700,]
t(s1)w(p(m2))
p[85,450]t'Jan'
p[84,50]v[,+400]
p[85,465]t'85'
p[126,450]t'Jul'
p[125,50]v[,+400]
p[169,450]t'Jan'
p[168,50]v[,+400]
p[169,465]t'86'
p[210,450]t'Jul'
p[209,50]v[,+400]
p[253,450]t'Jan'
p[252,50]v[,+400]
p[253,465]t'87'
p[294,450]t'Jul'
p[293,50]v[,+400]
p[337,450]t'Jan'
p[336,50]v[,+400]
p[337,465]t'88'
p[379,450]t'Jul'
p[378,50]v[,+400]
p[421,450]t'Jan'
p[420,50]v[,+400]
p[421,465]t'89'
p[463,450]t'Jul'
p[462,50]v[,+400]
p[505,450]t'Jan'
p[504,50]v[,+400]
p[505,465]t'90'
p[547,450]t'Jul'
p[546,50]v[,+400]
p[589,450]t'Jan'
p[588,50]v[,+400]
p[589,465]t'91'
p[630,450]t'Jul'
p[629,50]v[,+400]
p[673,450]t'Jan'
p[672,50]v[,+400]
p[673,465]t'92'
p[44,450]t'Jul'
p[44,465]t'84'
p[705,120]t'High since'
p[705,140]t'20-Apr-92'
p[665,0]t'Ch/Lq:+14.3%'
p[719,6]t'-'
p[656,20]t'Ch/21q:+8.1%'
p[719,26]t'-'
w(p1)
p[50,429]w(f7)v[+1,-8]v[+2,-6]v[+1]v[+2,-3]v[+2,+1]v[+3]v[+1,-2]
v[+2,+2]v[+2,-3]v[+1,-2]v[+2,-11]v[+1,-2]v[+2,+2]v[+2,-4]v[+1,+2]
v[+2]v[+1,-7]v[+2,+4]v[+2,-4]v[+1,+1]v[+2,-1]v[+2,-5]v[+1,-4]
v[+2,+2]v[+1,-3]v[+2,+2]v[+2,-3]v[+1,-3]v[+2,-3]v[+1,-5]v[+2,+2]
v[+2,-3]v[+1]v[+2,-3]v[+1,+2]v[+2,+6]v[+2,+2]v[+1,-5]v[+2,-1]
v[+2,+3]v[+1,-7]v[+2,-2]v[+1,+2]v[+2,-1]v[+2,-1]v[+1,-3]v[+2]v[+1,-2]
v[+2,+4]v[+2,+1]v[+1,+12]v[+2,-4]v[+1]v[+2,-6]v[+2]v[+1,+3]v[+2,-2]
v[+2,+1]v[+1,-2]v[+2,-1]v[+1,-3]v[+2,-3]v[+2,-1]v[+1,+3]v[+2,+1]
v[+1,+3]v[+2,+2]v[+2,-3]v[+1,-1]v[+2,-3]v[+1,-3]v[+2]v[+2,+1]
v[+1]v[+2,+3]v[+2]v[+1,-1]v[+2,-5]v[+1,-2]v[+2,-3]v[+2,-3]v[+1,-4]
v[+2,-9]v[+1,-4]v[+2,-11]v[+2,-9]v[+1,+8]v[+2,-4]v[+1,-7]v[+2,-2]
v[+2,-2]v[+1]v[+2,+3]v[+1,-13]v[+2,-4]v[+2,-5]v[+1,-1]v[+2,-5]
v[+2,-3]v[+1,+3]v[+2,-3]v[+1,-3]v[+2,+1]v[+2,+7]v[+1,-10]v[+2,-14]
v[+1,+6]v[+2]v[+2,-1]v[+1,+19]v[+2,-9]v[+1,+6]v[+2,+1]v[+2,+8]
v[+1,+19]v[+2,-11]v[+2,-4]v[+1,-11]v[+2,+2]v[+1,-7]v[+2,-11]v[+2,-5]
v[+1,-1]v[+2]v[+1,+3]v[+2,-3]v[+2,+1]v[+1,-9]v[+2,-5]v[+1,-3]
v[+2,+3]v[+2,-1]v[+1,-4]v[+2,-12]v[+2,-3]v[+1,-5]v[+2,+3]v[+1,-8]
v[+2,-10]v[+2,-7]v[+1,-7]v[+2,+14]v[+1,-12]v[+2,-5]v[+2,+11]v[+1,-13]
v[+2,-6]v[+1,-7]v[+2,-2]v[+2,+11]v[+1,+7]v[+2,+9]v[+2,-6]v[+1,+15]
v[+2,-20]v[+1,+2]v[+2,-14]v[+2,+3]v[+1,-7]v[+2]v[+1,+11]v[+2,-1]
v[+2,+1]v[+1,-12]v[+2,+1]v[+1,-8]v[+2,+30]v[+2,+16]v[+1,-6]v[+2,+25]
v[+2,-21]v[+1,-6]v[+2,+4]v[+1]v[+2,+1]v[+2,+1]v[+1,+14]v[+2,-15]
v[+1,+6]v[+2,-6]v[+2,-6]v[+1,-3]v[+2,-2]v[+1,-8]v[+2,-6]v[+2,-8]
v[+1,+1]v[+2,+2]v[+1,-5]v[+2,-4]v[+2,-2]v[+1,-5]v[+2,+1]v[+2,-3]
v[+1,-5]v[+2,+5]v[+1,-6]v[+2,+3]v[+2,-2]v[+1,-2]v[+2,-2]v[+1,+2]
v[+2,+3]v[+2,-2]v[+1,-2]v[+2,+4]v[+1,-2]v[+2,-6]v[+2,+8]v[+1,-6]
v[+2,+4]v[+2,+4]v[+1,-1]v[+2,-3]v[+1,+1]v[+2,-1]v[+2,+4]v[+1]v[+2,+1]
v[+1,-3]v[+2,-4]v[+2,-2]v[+1,-8]v[+2,-4]v[+1,-1]v[+2,-5]v[+2,+3]
v[+1,+1]v[+2,-5]v[+2]v[+1,-8]v[+2,-2]v[+1,-2]v[+2,+2]v[+2,-6]
v[+1,-1]v[+2,-2]v[+1,+3]v[+2,+2]v[+2,-3]v[+1,+6]v[+2,-11]v[+1,-5]
v[+2,+1]v[+2,-1]v[+1,-1]v[+2,-4]v[+3]v[+2,+1]v[+1,-4]v[+2,+6]
v[+2,+1]v[+3]v[+1,+1]v[+2,-3]v[+2,+1]v[+1,-8]v[+2,-3]v[+1,+1]
v[+2,-2]v[+2,+1]v[+1,+3]v[+2,+2]v[+5]v[+1,-8]v[+2,+1]v[+2,+1]
v[+1,-3]v[+2,-1]v[+1]v[+2,-2]v[+2,-3]v[+1,-6]v[+2,-2]v[+1,-6]
v[+2,-3]v[+2,-2]v[+1]v[+2,+8]v[+1,+7]v[+2,-1]v[+2,-2]v[+1,-1]
v[+2,+1]v[+2,+11]v[+1,+9]v[+2,+10]v[+1,+8]v[+2,+14]v[+2,-4]v[+1,+25]
v[+2,-9]v[+1,+2]v[+2,-3]v[+2,-6]v[+1,-7]v[+2,-9]v[+1,-1]v[+2,-7]
v[+3]v[+2,+7]v[+2,-2]v[+1]v[+2,+1]v[+1,-7]v[+2,+12]v[+2,+7]v[+1,+22]
v[+2,+4]v[+1,+30]v[+2,+3]v[+2,+9]v[+1,-12]v[+2,+16]v[+1,+18]v[+2,-7]
v[+2,-8]v[+1,-4]v[+2,-12]v[+2,-3]v[+1,+19]v[+2,-5]v[+1,+13]v[+2,-3]
v[+2,+11]v[+1,-22]v[+2,-10]v[+1,+11]v[+2,+1]v[+2,+10]v[+1,+7]
v[+2,-8]v[+1,-4]v[+2,-6]v[+2,-13]v[+1,-12]v[+2,+1]v[+2,-3]v[+1]v[+2,-1]
v[+1,+4]v[+2,-7]v[+2,+5]v[+1,-7]v[+2,+7]v[+1,-2]v[+2,+2]v[+2,+5]
v[+1,+5]v[+2,-1]v[+1,+2]v[+2,+9]v[+2,+5]v[+1,+3]v[+2,+4]v[+2,+3]
v[+1,+1]v[+2,-3]v[+1,-9]v[+2,+5]v[+2,+3]v[+1,+16]v[+2,+6]v[+1,-10]
v[+2,-1]v[+2,-10]v[+1,-3]v[+2,-9]v[+1,-1]v[+2,+1]v[+2,-5]v[+1,-2]
v[+2,+3]v[+1,+3]v[+2,+14]v[+2,+3]v[+1,+4]v[+2,+14]v[+2,-14]v[+1,+12]
v[+2,-16]v[+1,+3]v[+2,+12]v[+2,+3]v[+1,+2]v[+2,-7]v[+1,+5]v[+2,+12]
v[+2,-10]v[+1,+3]v[+2,+7]v[+1,+11]v[+2,-6]v[+2,+23]v[+1,+22]v[+2,-12]
v[+2,+17]v[+1,-11]
w(p1)
p[ 677 , 226 ]v[ 683 , 216 ]
p[ 676 , 213 ]v[ 680 , 219 ]
p[ 673 , 187 ]v[ 696 , 238 ]
p[ 666 , 213 ]v[ 689 , 260 ]
p[ 640 , 217 ]v[ 683 , 217 ]
p[ 623 , 164 ]v[ 636 , 206 ]
p[ 622 , 170 ]v[ 635 , 213 ]
p[ 598 , 167 ]v[ 620 , 164 ]
p[ 585 , 175 ]v[ 598 , 197 ]
p[ 582 , 213 ]v[ 598 , 202 ]
p[ 568 , 208 ]v[ 582 , 194 ]
p[ 558 , 190 ]v[ 567 , 190 ]
p[ 558 , 156 ]v[ 567 , 187 ]
w(p6)w(p(m1))
p[78,406]v[+2,-2]v[+2,-1]v[+1,-1]v[+2,-2]v[+2,-1]v[+1,-2]v[+2,-2]
v[+1,-2]v[+2,-1]v[+2,-2]v[+1,-2]v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-1]
v[+1,-2]v[+2,-2]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-2]v[+2,-1]
v[+1,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+2]v[+1,-1]v[+2,-1]v[+1,-1]
v[+2]v[+2,-1]v[+1]v[+2,+1]v[+3]v[+2,-1]v[+5]v[+1,-1]v[+7]v[+1,-1]
v[+2]v[+1,+1]v[+5]v[+2,-1]v[+1,-1]v[+2]v[+2,-1]v[+1]v[+2,-1]v[+2]v[+1,-1]
v[+2]v[+1,-1]v[+2]v[+2,-1]v[+1,-1]v[+2,-1]v[+1,-2]v[+2,-3]v[+2,-3]
v[+1,-2]v[+2,-3]v[+1,-3]v[+2,-3]v[+2,-3]v[+1,-3]v[+2,-3]v[+1,-4]
v[+2,-3]v[+2,-4]v[+1,-4]v[+2,-4]v[+2,-4]v[+1,-4]v[+2,-3]v[+1,-3]
v[+2,-3]v[+2,-2]v[+1,-2]v[+2,-3]v[+1,-3]v[+2,-2]v[+2,-3]v[+1,-1]
v[+2,-2]v[+1,-1]v[+2,-1]v[+3]v[+2,+1]v[+2,+1]v[+1]v[+2,+1]v[+3]v[+2,-1]
v[+1,-1]v[+2,-1]v[+5]v[+1,-1]v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-2]
v[+1,-3]v[+2,-4]v[+2,-4]v[+1,-3]v[+2,-3]v[+1,-4]v[+2,-3]v[+2,-4]
v[+1,-3]v[+2,-4]v[+1,-3]v[+2,-4]v[+2,-4]v[+1,-4]v[+2,-3]v[+1,-4]
v[+2,-4]v[+2,-4]v[+1,-3]v[+2,-2]v[+2,-2]v[+1,-1]v[+2,-1]v[+1,-2]
v[+2,-2]v[+2,-1]v[+1,-1]v[+2,-2]v[+1,-1]v[+4]v[+1,-1]v[+2,-1]
v[+3]v[+2,+2]v[+1,+1]v[+2,+1]v[+2,+1]v[+1]v[+2,+1]v[+1,+1]v[+2,+1]
v[+2,+2]v[+1,+2]v[+2,+3]v[+1,+2]v[+2,+1]v[+2,+1]v[+1,+2]v[+2,+1]
v[+1,+2]v[+2,-1]v[+2,-1]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-2]v[+2,-2]
v[+1,-3]v[+2,-3]v[+2,-2]v[+1,-4]v[+2,-3]v[+1,-3]v[+2,-3]v[+2,-2]
v[+1,-3]v[+2,-2]v[+1,-3]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-1]v[+1,-1]
v[+2,-1]v[+2,-1]v[+1,-1]v[+2]v[+2,-1]v[+9]v[+2,+1]v[+5]v[+1,-1]
v[+2]v[+1,-2]v[+2]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-2]
v[+1,-2]v[+2,-2]v[+2,-2]v[+1,-3]v[+2,-2]v[+1,-3]v[+2,-2]v[+2,-2]
v[+1,-1]v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-2]
v[+1,-2]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2]v[+1,-1]
v[+2]v[+2,-1]v[+1,-1]v[+2,-2]v[+1]v[+2,-1]v[+2,-1]v[+1,-1]v[+7]v[+1,-1]
v[+2,-1]v[+2]v[+1,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]
v[+2,-1]v[+1,-2]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-2]v[+1,-1]v[+2,-1]
v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-1]v[+1]v[+2,+1]v[+1,+1]v[+2,+2]
v[+2,+2]v[+1,+3]v[+2,+3]v[+1,+4]v[+2,+4]v[+2,+4]v[+1,+4]v[+2,+3]
v[+1,+2]v[+2,+2]v[+2,+2]v[+1,+2]v[+2,+2]v[+2,+3]v[+1,+1]v[+2]v[+1,+1]
v[+2,-1]v[+2]v[+1,+1]v[+2,+1]v[+1,+1]v[+2,+2]v[+2,+3]v[+1,+3]
v[+2,+3]v[+1,+5]v[+2,+6]v[+2,+5]v[+1,+5]v[+2,+4]v[+2,+4]v[+1,+5]
v[+2,+5]v[+1,+6]v[+2,+5]v[+2,+5]v[+1,+4]v[+2,+2]v[+1,+1]v[+2,+1]
v[+2,+1]v[+1,+1]v[+3]v[+2,-1]v[+2,-1]v[+1,-2]v[+2]v[+2,-1]v[+1,-1]
v[+2,-3]v[+1,-2]v[+2,-1]v[+2,-3]v[+1,-2]v[+2,-1]v[+1,-1]v[+2,-2]
v[+2,-1]v[+1,-2]v[+2,-1]v[+1,-1]v[+2,-1]v[+2]v[+1,+1]v[+2,+1]
v[+2,+2]v[+1,+2]v[+2,+3]v[+1,+1]v[+2,+2]v[+2,+2]v[+1,+3]v[+2,+2]
v[+1,+3]v[+2,+2]v[+2,+2]v[+1,+2]v[+2,+1]v[+1]v[+2,+1]v[+2]v[+1,-1]
v[+2,-1]v[+1,-1]v[+5]v[+2,+2]v[+5]v[+1,-1]v[+2]v[+2,+2]v[+1,+1]
v[+2,+1]v[+1,+2]v[+2,+2]v[+2,+3]v[+1,+2]v[+2,+3]v[+1,+3]v[+2,+2]
w(p(m2))
w(p6)w(p(m1))
p[114,389]v[+2,-2]v[+1,-1]v[+2,-1]v[+1,-1]v[+2,-2]v[+2,-1]v[+1,-1]
v[+2,-2]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+1]v[+2,-1]
v[+2,-1]v[+1,-1]v[+2]v[+2,-1]v[+1,-1]v[+2]v[+1,-1]v[+2,-1]v[+2]v[+1,-1]
v[+2,-1]v[+3]v[+2,-1]v[+3]v[+1,-1]v[+4]v[+1,-1]v[+5]v[+2,-1]v[+1]v[+2,-1]
v[+2]v[+1,-1]v[+2,-1]v[+1]v[+2,-2]v[+2,-1]v[+1,-1]v[+2,-1]v[+1,-2]
v[+2,-2]v[+2,-1]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-2]v[+2,-2]v[+1,-2]
v[+2,-2]v[+2,-3]v[+1,-2]v[+2,-3]v[+1,-2]v[+2,-2]v[+2,-2]v[+1,-2]
v[+2,-3]v[+1,-3]v[+2,-2]v[+2,-3]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-2]
v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-1]v[+1,-2]v[+2,-2]v[+1,-1]v[+2,-2]
v[+2,-2]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-1]v[+2,-1]v[+1,-2]v[+2,-1]
v[+1,-2]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-2]v[+2,-2]v[+1,-2]v[+2,-1]
v[+1,-2]v[+2,-2]v[+2,-2]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-3]v[+2,-2]
v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-3]v[+2,-2]v[+1,-3]v[+2,-2]v[+2,-2]
v[+1,-2]v[+2,-2]v[+1,-3]v[+2,-2]v[+2,-3]v[+1,-3]v[+2,-2]v[+1,-2]
v[+2,-2]v[+2,-2]v[+1,-2]v[+2,-2]v[+1,-2]v[+2,-2]v[+2,-1]v[+1,-1]
v[+2,-1]v[+2,-1]v[+1,-1]v[+2]v[+1,-1]v[+2]v[+2,-1]v[+22]v[+2,-1]
v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2]v[+1,-1]v[+2,-1]v[+2]v[+1,-1]
v[+2]v[+1,-1]v[+2,-1]v[+2,-1]v[+1]v[+2,-1]v[+1]v[+2,-2]v[+2,-1]
v[+1,-2]v[+2,-1]v[+2,-1]v[+1,-2]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-2]
v[+1,-1]v[+2,-1]v[+1,-2]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-2]v[+1,-1]
v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+1,-1]
v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+1,-2]v[+2,-1]v[+2,-1]v[+1]v[+2,-1]
v[+1,-2]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-2]v[+2,-1]v[+1,-1]v[+2,-2]
v[+1,-1]v[+2,-2]v[+2,-1]v[+1,-1]v[+2,-2]v[+1,-1]v[+2,-1]v[+2,-1]
v[+1,-2]v[+2,-1]v[+1,-2]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-1]v[+2,-1]
v[+1,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+1]v[+2,-1]
v[+2,-1]v[+1,-1]v[+2,-1]v[+1,-1]v[+2,-1]v[+2,-2]v[+1,-1]v[+2,-1]
v[+1,-1]v[+2,-1]v[+2]v[+1,-1]v[+2,-1]v[+10]v[+1,+1]v[+2,+1]v[+1,+1]
v[+2,+1]v[+2,+1]v[+1]v[+2,+1]v[+1,+1]v[+4]v[+1,+1]v[+4]v[+1,+1]
v[+2]v[+1,+1]v[+2,+1]v[+2]v[+1,+2]v[+2,+1]v[+1,+2]v[+2,+3]v[+2,+2]
v[+1,+3]v[+2,+3]v[+1,+3]v[+2,+3]v[+2,+4]v[+1,+3]v[+2,+3]v[+2,+3]
v[+1,+3]v[+2,+3]v[+1,+3]v[+2,+3]v[+2,+3]v[+1,+3]v[+2,+2]v[+1,+2]
v[+2,+2]v[+2,+1]v[+1,+2]v[+2,+1]v[+1,+2]v[+2,+1]v[+2,+2]v[+1,+1]
v[+2,+2]v[+2,+2]v[+1,+1]v[+2,+2]v[+1,+2]v[+2,+1]v[+2,+2]v[+1,+1]
v[+2,+2]v[+1,+2]v[+2,+1]v[+2,+1]v[+17]v[+2,+1]v[+3]v[+2,+1]v[+11]v[+2,-1]
v[+1]v[+2,-1]v[+3]v[+2,+1]v[+1,+1]v[+2,+1]v[+2,+2]v[+1,+1]v[+2,+1]
v[+1,+1]v[+2,+1]v[+2,+2]v[+1,+1]v[+2,+1]v[+1,+2]v[+2,+1]v[+2,+2]
v[+1,+1]v[+2,+1]v[+1,+2]v[+2,+1]v[+2,+1]v[+1,+2]v[+2,+2]v[+2,+2]
w(p(m2))
p[665,0]t'Ch/Lq:+14.3%'
p[719,6]t'-'
p[656,20]t'Ch/21q:+8.1%'
p[719,26]t'-'

    RE: 148.0, .5, .12
    Well, This issue of Money Magazine has a rather favorable article on
    investing in Japan and recommended the ( no load ) Japan Fund. This
    fund invests ONLY in Japan and has a minimum investment of $1,000. 
    This looks to me like a wounderful addition to a investment portfolio
    if one believes the Nikkei could actually go in an upward trend again.

    Re .15
    
    While Money magazine dishes out fairly good common-sense advice,
    I'd be a little skeptical about their sense of "timing". 
    I distinctly remember Money recommending the Japan Fund 
    in their 1991 year-end issue as well, when the Nikkei 
    was far higher than it is now. 
    
    If historical trends in stock valuations are any use 
    as a guide, the Nikkei deserves to head towards 12000 
    from here, rather than the other way around. 
     
    - Ganesh.

    For good insight into Japan's stock market/govt. strategy you should
    read this week's Financial World. Their article implies( rather
    strongly) that the demise of the Nikkei,etc are by design of the
    Japanese Gov't.
    The main idea was that the Gov't has let the real estate market along
    with a drop in the Nikkei to occur to "put people back in their place".
    The story is that investors were becoming speculators and felt that
    they do it all on their own. The Japanese gov't has let the speculation
    back out of the market now (by prosecuting brokerage house
    CEO's,letting the new owners of Pebble Beach lose their shirts,etc.),
    but yet they don't want their people to lose it all so the gov't is
    stepping in so that it all doesn't go belly up. The feeling now is that
    the people will once again realize that they need their government and
    will unite rather than going on their own as they did in the late 80's.
    

    Hi,
    
    Looks like the market might be basing here around the 16,000 to 18,000
    range on the Nikkei (spell).  Is now the time to invest?
    
    Can you tell me a little more on this Japan fund...Assets under mgt.,
    who is the manager, and his track record?
    
    Any comments............JD

    There was a good article on the Japan Fund in last month's Money or
    Kiplingers. Can't remember which though...
    John