Naoto,
VFP will compile the line after making the text substitution and see that part of the line should be commented out, and probably unsuccessfully execute what was intended. Especially if the FOR clause of a REPLACE gets commented out and it ends up blowing away the values of the entire table.
There's always a way of writing the code to avoid & macro substitution like what I posted a couple of messages back.
>... but guess what happens if you use the variable in a macro expansion?