Time-resolved excitation spectra of xenon vapor in the 150 nm region are analysed in terms of four main fluorescence lifetimes corresponding to decays of four stable excited electronic states of the Xe dimer. The two shortest decay times, ≈ 2 ns and ≈ 60 ns, are assigned to the direct radiative relaxation of the two lowest excited ungerade states, ( 1Σ + u)0 + u and ( 3Σ + u))1 u respectively. The two longest decay times, ≈ 150 ns and ≈ 500 ns, must correspond to the overall depopulation rates of the two lowest excited gerade states, ( 3Σ + g)1g and ( 1Σ + g)0 + g, decaying into the gerade ground state by cascading down through the intermediate ungerade states.