Vince,

As a followup to our meeting with David Port and Rudi Zipter re Enron's 
investment in SK-Enron, Maureen and I wrote the attached position paper on 
the Japanese Yen.  As we have discussed, the volatility of the won closely 
tracks fluctuation in the yen, and this yen position paper is intended to 
complement the won outlook piece for a broader perspective on currencies that 
takes into account the yen's influence on asian currencies. .  

We would like to distribute this outlook to David and Rudi, but wanted to 
send it to you for initial reaction prior to internal distribution.

Thank you, and let me know if you have any questions or comments re the 
attached.

Gwyn