Chapter 140
Chapter 140
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Translator: Vine
Chapter: 140
Chapter Title: An Eye for an Eye
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“Mr. Chairman…”
The moment I hung up, Secretary Kim called to me from behind.
I caught a glimpse of another phone in her hand.
It seemed someone had called her since my line was busy. It had to be someone from one of the economic ministries.
Probably calling to assess the damage we were taking from this crisis.
“It’s the director of the National Intelligence Service.”
But I was wrong.
Why the director of the NIS at a time like this?
Pushing my confusion aside, I took the phone, and an urgent voice came from the other end.
-Chairman Jin. I’m sorry to ask, but could you come to the Blue House right now?
“…”
******
Screech!
About an hour later, I arrived at the Blue House to see Chairman Lee Young-hoon getting out of his car.
It looked like he’d been summoned, just like me.
Our prior appointment had become moot, so we just exchanged awkward smiles.
“So you were called in as well, Chairman Jin.”
Chairman Lee Young-hoon said, looking around with a tense expression.
Come to think of it, unlike me, he wasn’t a frequent visitor to the Blue House.
It reminded me of my old self, and a smile crept onto my face.
“I apologize for making you come all this way when you’re so busy.”
Just as we were about to head to the meeting room, the Chief of Staff approached us.
He must have had a rough morning, as his face was clouded with exhaustion.
“This way, please. The president is waiting.”
We were then guided not to a meeting room, but to a separate annex.
Despite what he’d said, the president was nowhere to be seen.
Thinking I could use a moment to relax, I took a sip of the prepared tea. Chairman Lee Young-hoon spoke cautiously.
“Didn’t you say you had something to discuss with me?”
“Ah, that… you’ll find out shortly. Seeing as we’ve both been called to the Blue House, it seems the government is thinking along the same lines as I am. In that case, there’s no need for me to bring it up first, is there?”
“…”
Chairman Lee Young-hoon simply stared at me blankly at my words.
But he didn’t press further, eventually reaching for his own teacup.
[Our government has lodged a formal protest against Japan's surprise export restrictions. We have also questioned the credibility of the evidence they claim to possess…]
[Japan’s first round of export restrictions has been found to include machine tools essential for the processing sector. While these items ostensibly fall under the category of illegal smuggling that they claim, most of them will impact our country’s future growth industries. The government is currently analyzing the specific list of items and has released a statement expressing suspicion of their true intentions.]
A TV in the corner of the waiting room was playing news about Japan’s sanctions all day long.
Perhaps just hearing it was unsettling, because Chairman Lee Young-hoon's expression grew even darker.
“I received a call from the Prime Minister on my way here.”
Chairman Lee Young-hoon remarked casually as he brought his teacup to his lips.
I had received the same call on my way over, so I had a good idea of what they discussed.
Without asking, I simply nodded, and he continued.
“He said Japan is moving forward with concrete evidence.”
I had been a little taken aback by that part myself.
Unlike in my past life, this time they were acting with solid proof.
Well, it was likely fabricated evidence, but objectively, the case itself was based on facts, so it was clear we were the ones on the defensive.
“Yes, I heard that as well.”
“Isn’t it a bit strange? Exporting used machinery to a legitimate processing company, not some shell corporation—what’s the problem with that? The country Japan should really be taking issue with is China, not us.”
When you thought about it, he had a point.
On paper, the exporter had simply sold surplus goods legitimately.
And at a reasonable price to a company that actually needed them.
If they were going to assign blame for the goods later ending up in North Korea, it would be logical to go after China, just as he said.
“That’s why it’s a stretch, isn’t it?”
“So why?”
“Why do you think? They want to put us in a difficult position to save their own industries that are being encroached upon.”
Chairman Lee Young-hoon’s brow furrowed deeply.
His expression was one of dejection, the kind that comes when a nagging suspicion is confirmed.
To make him grasp the situation more clearly, I added one more thing.
“Their attitude is certainly absurd, but it’s also a reality that we’re taking a hit from this crisis. Starting with the arms industry, then batteries and semiconductors. And cars, too. Ah! Speaking of which, some of the equipment needed for your semiconductor process must be affected as well, right?”
“Yes, some of the equipment for the factory we’re currently expanding has traditionally been imported from Japan.”
Chairman Lee Young-hoon said with a scowl.
He was finally realizing this problem wouldn’t be resolved easily.
Putting everything else aside, for someone like him who had always held the upper hand against Japan, this must have been particularly galling.
Knock, knock!
Just then, a knock came at the door, and NIS Director Yang Tae-yong entered the room.
Behind him, I caught a glimpse of Chairman Jung Tae-min of Hyunwoo Group.
“What are you two doing here…?”
Surprised by the sudden appearance of these unexpected figures, Chairman Lee Young-hoon shot up from his seat. I quickly got up from my chair as well and looked at them.
“You’ve arrived early. I contacted Chairman Jung Tae-min. I thought it would be best for us to put our heads together on this matter.”
Director Yang Tae-yong gave a brief explanation and sat down.
And so, the heads of the top three conglomerates in the country were gathered in one place.
Normally, the atmosphere would have been quite amicable, but because of the pressing issue, everyone’s expression was grim.
“Currently, at Hyunwoo Motors, the construction of the production line for next year’s new car model has been completely halted.”
The first to speak was Chairman Jung Tae-min of Hyunwoo Group.
Come to think of it, Hyunwoo was also one of the biggest victims of this situation.
As he spoke, he repeatedly clicked his tongue, as if to express his disgust at the Japanese government’s attitude.
*Tsk, if we’re really assigning blame, our own companies can’t escape responsibility either. It’s a fact that we favored Japanese products simply because they were convenient and cheap, rather than nurturing our domestic suppliers.*
By that logic, I wasn’t blameless either, but I felt it was a bit unfair in my case.
I had foreseen this kind of situation and had been cultivating the materials sector, and I was planning to increase investment in machinery next.
But Japan had moved up the timeline of this event by a full fourteen years.
I was caught completely off guard, which made me even more furious.
“For now, Jaewoo plans to designate Siemens of Germany as our equipment supplier. If possible, I would advise you all to do the same.”
I immediately proposed an alternative.
Seemingly surprised, Chairman Jung Tae-min asked with a startled expression.
“Already? When we don’t even know how this situation will unfold?”
“It’s obvious how it will unfold. Do you think they would take such drastic measures if this was just a bluff? I can assure you, this problem will persist for quite a long time.”
At my words, Chairman Jung Tae-min’s face darkened.
After all, Siemens’ products were about 20-30% more expensive than Fanuc’s.
Considering logistics costs and follow-up support, it would deal a massive blow to his operating profit, so his hesitation was understandable.
“Is it really not a problem that will be resolved easily?”
Chairman Jung asked, unable to let go of his lingering hope as he looked at NIS Director Yang Tae-yong.
The director’s expression showed that he wasn’t certain either.
I spoke again in his stead.
“The Japanese cabinet is trying to shake up our entire industrial sector. With their own survival at stake, do you think they’ll back down easily?”
“…”
In that moment, Chairman Jung Tae-min’s face contorted.
He quickly pulled out his phone and sent a text to someone, then let out a deep sigh and said.
“If that’s the situation, we can’t just sit and wait, as Chairman Jin said. By the way, what happened to that trader?”
The last question was directed at Director Yang Tae-yong.
Caught off guard by the sudden turn of the conversation, Director Yang seemed to ponder for a moment before speaking with a regretful expression.
“He is currently being interrogated by the NIS, but well, his answer is predictable.”
“…”
“He claims he was just selling used equipment at the request of a Chinese client’s factory. Something like that… Since the trading partner was an existing metal processing plant, it seems our relevant departments at the time saw no reason to raise an issue.”
“It’s hard to find fault with exporting to a real, operational company, not some shell corporation.”
Chairman Lee Young-hoon said with an understanding expression.
Then his face contorted.
Wondering what was wrong now, I looked at him as he sighed and spoke.
“The equipment is one thing, but the financial sanctions are also a problem.”
“Well, I suppose… for Samjung, which has been taking advantage of the low interest rates from Japanese banks, that would be an issue. But with Samjung’s credit rating, there must be plenty of Western banks willing to lend you money, no?”
I asked cautiously.
Honestly, I wanted to tell him to stop whining, but that would be going too far.
Even a 0.1 percent difference in interest rates is a significant burden for a company like Samjung that borrows such large sums.
Besides, unlike other countries, Japan was a nation where raising interest rates was practically impossible.
From a stable financing perspective, it had been advantageous, so his disappointment was understandable.
“In the worst-case scenario, we’ll have to negotiate with other banks. Tsk, but the more I think about it, the less I understand. If they block transactions between us and Japanese banks, they’ll suffer enormous losses too. Why on earth are they going this far?”
“Forget that, the sanctions themselves are absurd. I just can’t understand the country of Japan. Frankly, it’s one thing if we had no way to respond, but to pick a fight in a field where we do have alternatives is just plain foolish. There’s no way the cabinet lacks even one person with that level of judgment. If this is the outcome despite that, Japan’s future is pretty clear.”
Chairman Jung Tae-min, who had been listening, chimed in with his complaint.
I had been listening to their conversation in silence.
Suddenly, Director Yang Tae-yong whipped his head toward me with a meaningful look.
“What is it?”
“At this point, I’d like to hear Chairman Jin’s opinion.”
“…Well, putting me aside for a moment, have you heard what the Blue House plans to do?”
I answered his question with a question of my own.
There was no need for me to reveal my thoughts before I had a clear idea of the government’s intentions.
Understanding my meaning, Director Yang spoke again.
“The Blue House is, for now, demanding that Japan lift the sanctions. And through various channels, we are looking for alternatives to Japanese equipment and materials. If Jaewoo, Hyunwoo, and Samjung are having this much trouble, the small and medium-sized enterprises must be suffering even more.”
“But as I’ve said repeatedly, they will absolutely not lift the sanctions over something trivial.”
I reiterated my opinion on that point.
I was worried the Blue House might not fully grasp the essence of this issue.
Just then, the door burst open and the president walked into the room.
“I know. That’s why we’re having such a hard time with this.”
At the president’s sudden appearance, we all rose to our feet.
With his usual smile, he shook hands with each of us one by one, then gestured for us to sit as he casually tossed out a comment.
“So, I was thinking, how about we fight fire with fire?”
Instantly, everyone’s gaze fixed on the president.
The most surprised of all was Director Yang Tae-yong.
His jaw dropped as if to ask what this sudden, nonsensical suggestion was, and he questioned the president.
“We’re imposing sanctions, too?”
“An eye for an eye. Don’t you know? We took a punch, so we have to punch back.”
“…”