^NEW 2/8/2008 5:58:52 PM

Theyprop it none the same. the whole world has had a chance to ge in andbuy some Japanese real estate for better than a decade. The yen hasbeen kept weak by the interest rate play, having once traded at under90 per dollar, so real estate prices should have really been cheap overthere. The US has flooded the world with dollars and now has a debtbubble itself that can only be funded by liquidating property. Japanhad a big savings rate, but the other side of a big savings rate is avalley between savers and investors who borrow that savings. Thus theyhad a debt bubble as well and I am quite certain that their banks tookadvantage of a lot of strength in the yen that sheltered them from someinflation as far as price inflation goes and they had an assetinflation party. As far as the last of it, the US letting the bad newsout faster? The bad news hasn't gotten out yet and any time somethingdoes come out, it is either immediately put off or propped. We aregoing to lose our props. People predicting a real tough recession arestill laughed at here.