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Sat, Sep 01, 2001 - Page 19 News List

Japan's bigwigs put their feet in mouths

The big money men in Japan should be paying more attention to what they say, even jokingly, as they perpetrated several verbal gaffes this week, some of which affected the markets

By William Pesek Jr  /  BLOOMBERG , TOKYO

2. "No that's not it, it's the US," said Shoji Mori, commissioner of the Financial Services Agency, when asked whether concerns about Japan's banking system were hurting stocks. (Sure, the US is to blame for the 75 percent loss the Nikkei has experienced since 1989.

Nope, the US didn't help the global economy one bit in 1997, 1999, or 2000 for that matter. Gotta be the reason.)

1. "I don't understand why [the Nikkei is] falling so much.'' Shiokawa again. ``The only thing I can do is believe that something that falls will eventually start rising.'' (Sir Isaac Newton might turn in his grave if he heard that mangling of his theory of gravity.)

Honorable mention, as it wasn't said by a Japanese official: ``CORRECTION: DJIA CLOSE 10,090.90, NOT 100,090.90,'' reported a major Japanese news organization. (What's an extra zero between friends. But, hey, if that was true, just think how high the Nikkei might be, Mori-san!)

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