Chapter 49
Chapter 49
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Translator: MadScientist
Chapter: 49
Chapter Title: Bubble Collapse (2)
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December 26th.
I called Ha Joo-seong in after a long while to catch up.
"The Nikkei's climbed quite a bit."
"…."
Ha Joo-seong paused, then looked at me with a strange expression.
"Again... with that?"
"I don't know what 'that' is, but heh heh, I called you to get ready for short-selling. We talked about it roughly last time, right?"
Everyone knew the Japanese stock market had soared way too high.
But... opinions diverged on what came next.
Most Japanese companies were betting on 'even higher.' Despite the insane bubble far exceeding real value, they trusted only the numbers staring them in the face.
Adults really do love their numbers.
"I've already laid out the strategy in advance. You worked at Nomura, so we'll treat them as allies since they're too big to touch... and screw over some easier marks."
Ha Joo-seong let out an exclamation as he reviewed the operation plan I'd drawn up.
"Hmm... quite the detailed report. Did you assemble a new team while I was away? It has your style, Miss, but..."
"Nope, I did it all myself. Treated it like a Christmas present to myself on the 24th and 25th and buckled down."
Christmas buried in paperwork amid jingle bells—what could be better? I played with Nanny just enough, then devoted every other moment to this.
Couldn't bring myself to make the staff work through Christmas, so I pushed a bit hard.
"...You did this alone? In just two days...?"
"Heh, I'm pretty good."
I shrugged and explained lightly.
"Basically, we won't step out front. Bad if the press, especially Japanese media, spots us. We'll hand the main assault to Alpha Fund... and just shore up our political position."
Ha Joo-seong skimmed the documents, then raised an eyebrow.
"Comprehensive finance companies...?"
"Yeah, we converted all the non-bank, non-securities merchant banking corps into comp-fin companies last time, right?"
Financial innovation had accelerated beyond the original timeline, making the groundwork smoother.
The merchant banking corps that should have lingered longer converting to comp-fin companies meant Korea's financial markets were advancing rapidly.
In this late 20th century, 'advancement' equaled 'opening,' accelerating infinite competition under neoliberalism.
And I was a reincarnator confident I'd win every contest.
"Got some devious scheme brewing again?"
Ha Joo-seong eyed me suspiciously. Or rather, it was closer to certainty.
"Hey now, devious? Most of those guys are Namdaemun loan shark alumni anyway. I'm just graciously cleaning up trash."
"If they go bust, they'll end up under you anyway..."
"A pile of trash is still a trash bin?"
"I didn't say that far."
Most issues had arisen in the US so far, leaving Korea's finance untouched.
But... Japan was relatively close to Korea. Plus, these comp-fin bigshots—newly rebranded—were starting to savor the taste of money.
Perfect harvest time.
I planned to plant time bombs in Korea's bloated finance sector. Bombs ready to detonate at my signal.
"Link 'em with Japan. Freshly opened shops like these are desperate to build networks, right?"
Ha Joo-seong fell silent, then pored over the report like fine wine.
Every business runs on connections, finance included.
New comp-fin firms wouldn't refuse a chance to ally with major Japanese brokers.
"This... well, Japanese finance operates this way, but... isn't this accounting fraud? That explains why you planned it solo."
I grinned at Ha Joo-seong.
"You get it?"
"I worked at Nomura—of course. Tobashi... hiding bad debts by shuffling them around."
When the Nikkei crashes hard, brokers take massive hits. Unlike Korea's restrictions, Japanese firms leverage company funds into stocks and bonds.
Naturally, no fool in this romantic 20th century reports it straight.
They hide losses with dirty tricks aplenty.
"The nasty kind, too. Not even subsidiaries—dumping on outsiders. Would you take that?"
"Japanese brokers will at first."
"True... if the Nikkei tanks as you predict, yeah. No one notices losses offloaded to Korean firms. But comp-fin sharks aren't pushovers; they won't swallow it whole."
"No worries. On paper, it's just normal stock and bond trades. Just... at slightly outdated prices. Trick it to settle at year-end close."
Japan and Korea open differently: Japan on January 4th, Korea on the 2nd.
"Think about it. Those smug Japanese brokers—will they realize the knife's at their throat only after markets open on the 4th?"
"...Daesang Group announces rates end-of-year, so brokers know before opening. Comp-fins know rates but not market details... so if we explain well, brokers dump losses thinking they've snagged suckers."
Like Black Monday. Tension builds pre-open...
Then—boom.
"Right, our markets trade from the 2nd. Japanese orders hit Korea... they'll assume prior close pricing."
Trades benchmarked at Nikkei's all-time high—but market reality will be far lower. Mostly bad debt dumps, so losses of dozens of percent easy.
Shallow scam; anyone savvy avoids it. But the savvy have already climbed higher.
"Feels like an option play. 'Minor discrepancy' from info asymmetry? Their fault. But... Miss."
"Yeah?"
Ha Joo-seong, unaware Japan's crash spans decades, voiced concern.
"If markets recover, don't comp-fins profit?"
That's how loss transfers work. The absorber gets compensated.
Take the risk for a tip—like a derivative. Though swallowing actual losses, not probability, it's bitter medicine.
Recovery guarantees principal eventually...
Not this time. Losses will persist for decades, chronic deficits.
"Long-term slump. Not a Black Monday blip. US had solid fundamentals; Japan's pure bubble. Even if it rebounds... we've saddled comp-fins with debt. Profit either way."
This Nikkei level? Won't recover till the 2020s. New firms can't survive.
"No wonder... the report keeps Daeha Group squeaky clean. Proposals via my Japan contacts and Alpha Fund."
Ha Joo-seong gave a wry smile and nodded.
"Anyway, got it. Makes me dread what you'll do at adulthood..."
I spread my arms playfully with a smile.
"Fear not, for I am with you... or something like that? You're on my side—why so scared?"
We're not the ones losing.
◇◇◇◆◇◇◇ December 27th.
Rumors spread through finance circles: Alpha Fund placing massive Nikkei shorts.
Of course, sown by that scheming reincarnator in the Far East.
📰 Breaking News Alpha Fund, Who Nailed Black Monday... Predicting Nikkei Crash? 📰 Breaking News Japanese Firms Commentary... Will Semiconductor Crash Repeat? Japanese Companies Lagging in Fundamentals -Rustle.
Nomura Securities' New York branch. Two men discussed over the paper.
"Ahem... what do you think, Chang-ho? Nikkei really crashing? HQ shakes, this branch gets dicey."
"Dunno. Wall Street Journal's cried wolf before..."
The East Asian youth sipped coffee, gazing at New York's skyline.
"Alpha Fund didn't seem that solid. Honestly stumped. Are shorts crashing the market, or crashing it to short? Can't tell."
"Heading back to Korea soon, yet you know plenty. Thought you were obsessed with Il-san Group."
Il-san Group chairman's second son, Seon Chang-ho, shrugged.
"Got an inside track on that fund. Ha Young-il... sharp guy, but risky. Word is he's Alpha's real power."
"And?"
"Haha, Nomura's the info king. Love working here—even branch gets all the dirt."
"Nice. So... decide post-holidays. Hiding it, but reeks of conspiracy."
"What?"
"You wouldn't know. Just got a pitch—Alpha staffer offering insurance on Japan market losses."
"Arrogant."
"Exactly! Who treats Nomura like charity? They're dead certain. Japan market's crashing!"
The NY office head sighed.
"Something's up. Alpha's got reason for this conviction. I bet Ha Young-il's the thread."
"Not Ha Joo-seong? His dad. Saw him at Nomura HQ once."
Hmm.
The middle-aged man shook his head.
"Ha Joo-seong's traces are there, but... no. He's sharp, but not this style."
Sinister, cunning...
Above all, couldn't grasp the mastermind's identity.
"Turn it down?"
"No way. We take it."
Crash or surge, can't refuse.
That's what hooks you.
Couldn't fathom what this master plotter aimed for...