31.   It imports many of its engines and other parts from Fuji Xerox, so the strong yen has been a disadvantage.

32.   Japan was mired in a recession, Japanese stock prices were depressed and the yen was surging against the dollar, making Japanese investments unattractive to foreigners.

33.   Many people conclude that the high yen is a well-deserved punishment for failure to change, by deregulating the economy, encouraging imports and lowering trade barriers.

34.   Most worrisome is that the yen is dangerously strong, which makes Japanese exports very expensive.

35.   Now, since the dollar has soared against the yen, the conclusion is that the yen is just about fairly valued.

36.   Of course, a declining yen is not good for everyone.

37.   On the other hand, a weaker yen is generally good for Japanese exporters, which could drive up their share prices and the overall market.

38.   Other panelists unanimously agreed the yen is poised to fall.

39.   Sales of imported automobiles -- bargains while the yen was at record highs -- have also slowed.

40.   Saturn is entering the Japanese market at a time when the yen is at a four-year low against the dollar.