Newly returned from the Bajoran surface, he could sharply appreciate the reasons for it.

The seeds of the current discount war were sown last fall, when Japanese auto makers introduced new models that were less expensive to produce and when the dollar was appreciating sharply against the yen.

"I don't think the government is prepared to sharply appreciate the exchange rate," said Ha Jiming, chief economist in Beijing at the China International Capital Corporation.

Therefore, it is not incumbent for a takeover bid to emerge in order for the stock to appreciate sharply.

No one expects home prices to appreciate sharply.

Wages began rising in 1987 as the value of the yen sharply appreciated.

In the aftermath of the 2008 crisis and during the initial stages of the Euro crisis, the Swiss franc (CHF) appreciated sharply.

Many previous stock offerings by mutual savings banks were priced low and appreciated sharply.

Some capital may be returned earlier, Mr. Copeman said, if the projects appreciate sharply and can be refinanced before that date.

Because of the structure of savings bank conversions, stock in these offerings almost always appreciates sharply immediately after the issue.