The British Chancellor of the Exchequer held a press conference.

Heavy announcement.

The defenders of the pound failed.

The UK will withdraw from the ERM community.

It was a day of partying for the bears.

In the newspaper.

The front page headline featured a photo of Soros, the representative of short selling.

The hedge fund tycoon, with a glass of wine in his hand, wrote: The pound plummeted and I made a billion dollars! Three months later.

The end of the year has come again.

Tokyo.

It is called Benshengbao.

Nao Nagano stood at the promotional stand.

He took the vice president's seal handed over by the parachuted-in president of the Ministry of Finance and bowed to express his gratitude.

And the other party.

Then bow 90 degrees to show your respect and gratitude.

No one was dissatisfied with Naoio Nagano serving as vice president and president of the Kansai branch at his age.

The battle for the pound.

According to World Bank estimates.

The Bank of England lost around £4 billion.

But no one has counted the number of young British people who suffered margin calls after buying long positions in order to defend the pound.

have no idea.

Can't see.

Never heard of it.

It is the most true portrayal.

So how much money ordinary people lost is a mystery.

And in Asia.

There is another bank that has suffered more than the Bank of England.

The Malaysian central bank believed in Britain's determination to defend the pound and invested US$24 billion to go long on pound spot and futures.

Because the leverage is too large.

The Malaysian central bank suffered a margin call and losses of more than US$16 billion.

Become the biggest loser among the defenders of the pound this time.

These are the reasons.

Naoyoshi Nagano broke the convention and was recognized by everyone for the position of vice president.

Because there is no killing without buying and selling.

Without bulls, there would be no bears. This is the rule of the game where risk and wealth are exchanged. The more the bulls lose, the more the bears earn.

However, the newspapers were full of reports that Soros had made $1 billion and was the biggest winner.

However, no one said that Goldman Sachs made $4 billion.

Japan Life Insurance also made $4 billion.

This year.

European currency markets are turbulent.

Capital is leaving the country in large numbers due to concerns about drastic exchange rate fluctuations.

This year.

Japan's overseas strategic investment continues to expand, with Toyota, Honda and Nissan all starting production in the UK.

Also in this year.

East Asian countries have sensed the scent of European and Japanese capital leaving their homelands and have increased the internationalization of their financial markets in an effort to attract more investment.

Thailand was the first to announce it.

The establishment of an offshore financial center and the provision of tax-free policies and other combined incentives are intended to attract foreign investment.

at the same time.

BOT publicly announced.

Thailand will make every effort to build itself into an Asian financial center and become a complete market for free trade.

Almost at the same time.

Indonesia, Malaysia and the Philippines have all launched market liberalization and financial market reforms and introduced various preferential policies.

Relying on cheap labor.

The front page of the Wall Street Journal announced: The Asian miracle is rising at an incredible speed.

As Europe is in decline today, the rise of the Four Little Tigers makes them the most promising new generation of developed countries in Asia.

And this year.

Nao Nagano closed his short position on the British pound, making a profit of one billion pounds, which he injected into the Union Group.

day to day.

Before we knew it, the Spring Festival had arrived.

Oko Kaibe gave birth to a son, who was given a crappy name of Nakamura Taro by Kaibe Toshiki. Nagano Nao wanted to change the name, but he could not resist Kaibe's desire to fight for the eldest son for his niece, so he could only let it go.

The other side.

Both Kurihara Kazuko and Hattori Anko gave birth to daughters, so they had no intention of competing with each other for Dalang or Jiro.

It was this unreasonable woman named Sakurako Ikeda who took both daughters under her name but did not allow Nagano Nao to go any further.

Under the night.

End of a day's work.

Nao Nagano sneaked into Sakurako Ikeda's room quietly, tiptoeing, trying to take advantage of her.

However, the woman on the floor opened her eyes silently.

A pair of bright eyes reflected strange colors under the starlight.

Nagano Naoio stood still on the spot.

However, Sakurako Ikeda turned on the light and said calmly: "Nao, you are such a man! " "What? I'm just worried that the weather is too cold tonight, so I came to see if you have covered yourself with the quilt!" Nagano Nao denied it outright, and his shameless attitude was completely invincible.

Ikeda Sakurako didn't listen to his explanation, but asked seriously: "Brother, have you ever thought about this question, under my skin is a man's soul?!"

A brother.

The screams made Nagano Naoko numb.

Suddenly I felt a chill and chills that I couldn't suppress.

Seeing his sad face, Ikeda Sakurako couldn't help laughing, threw him a wink and half-opened her yukata.

The aching and chilling feeling in my heart just now miraculously disappeared in an instant.

pity.

My brother’s martial arts are too strong.

Finally, Ikeda Koba was called in for help.

I lost hundreds of millions of dollars and felt my fate was so bleak. I looked at the ceiling helplessly and just wanted to talk to someone about life and ideals.

You’re not even to mention.

Sometimes your wishes really come true.

Just as Nagano Nao had this thought, the phone on the table suddenly rang.

You’re not even to mention.

Sony has never lost in terms of innovation.

Because of providing funds for Sony to acquire shares in South Korea's Samsung, Nao Nagano, a shareholder representative, received a small high-tech toy.

A counterfeit cell phone worth thirty-six thousand dollars.

The delicate touch screen is only the size of a palm, and in terms of feel and design, except for the system, it is no different from later mobile phones.

certainly.

This kind of thing can't be sold.

That is, I got some suggestions from Naoyoshi Nagano and customized some gadgets specifically for him.

"Hello, I'm Nagano Nao."

"Nagano-kun, it's me, Suzuki!"

The call is connected.

The voice of my former classmate Suzuki Hiroshi came from the other end. He spoke hesitantly in a very Japanese tone. Only after Nagano Nao's repeated questioning did he say that he wanted to ask Nagano Nao for help with something, but it was not convenient to do it over the phone, so he hoped to meet and talk.

With curiosity.

Nagano Nao changed his clothes and came to the agreed restaurant.

Suzuki Hiroshi looked depressed as if his wife had cheated on him. After drinking a few glasses of wine, he started to complain bitterly.

Before the Asset Disclosure Law, civil servants were still a relatively popular job with some grey income every year, so at that time Suzuki Hiroshi bought a lot of real estate and invested with loans.

But after the implementation of the Asset Disclosure Law, Suzuki had no choice but to resign in order to keep these industries. However, housing prices fell too sharply. The most disgusting thing was that after the introduction of the property tax, he had to pay taxes on houses every year.

I watched the price of the house drop from 1.6 million to 1 million, 600,000, and then to 300,000.

Suzuki wants to sell the house, but it hurts to see such a big drop in price at once, and thinks it should rebound first.

And now.

Housing has never rebounded.

In several of Tokyo's 23 wards, housing prices have dropped to as low as 100,000 yen per stack.

"Nagano-kun, this is too outrageous!"

"One hundred thousand for a stack, not even enough to cover the labor and cost of building a house."

"Besides, our country is vast and sparsely populated, with many mountains and a small living area. How could it have fallen to this point?"

"What's even worse is that they didn't collect property tax when I didn't buy the house, but now they collect tax every year. Do they want to eat us, the cattle and horses, to the bones?"

This question.

Even Nagano Nagao didn't know how to answer the question.

Seriously speaking.

If it wasn't for the house not being able to sell.

How can we collect property tax? After all, those who have not bought a house yet are very cunning, and it is not easy to cheat them out of their money.

But obviously, this high school classmate in front of me doesn’t understand this simple truth.

"This... can't be helped! Suzuki-kun, is there anything I can help you with?"

"It's really embarrassing to talk about this. But I have no choice!"

Seeing my old classmates hesitating.

His face was so red that it was unclear whether it was because he was drunk or because he felt embarrassed. Nagano Nao said sympathetically: "Do you need to borrow money? It's okay. We are all classmates. I will definitely help if I can."

"Nagano-kun, you misunderstood. I'm not borrowing money! I appreciate your kindness, but I want to give you the house. Is that okay with you?"

"Give it to me?"

Nagano Nao was stunned. He didn't expect the other party to say that.

Suzuki smiled bitterly: "It can't be helped. I have to pay back the mortgage every month. Although my income is not bad now, I really can't afford it with the property tax."

"Then you lost all your previous investments? The down payment and the loans you paid off in the past few years are a lot!"

"What can I do? If I default on my mortgage due to overdue payments, the bank will freeze my assets and auction them off. But even if I sell my properties now, I still owe the bank a large sum of money! I may never be able to pay it off in this lifetime."

Poor kid! Nagano shook his head secretly: "Everything will be fine. If you really want to deal with it, I can help you think of a solution."

"Thank you so much, Nagano-kun!"

This kind of thing.

Regarding the status of Japanese life insurance.

It's really easy to solve.

I rushed to the company the next day.

Nao Nagano had a public welfare low-rent housing repurchase plan drafted.

To put it simply, the company will take over these houses, renovate them and rent them out to people who need to receive unemployment benefits.

But the small matter has been dealt with.

Suddenly, a piece of breaking news caused turmoil in the global financial markets.

This day.

February 14, 1994.

The U.S. Federal Reserve raised its benchmark interest rate from 3% to 3.25%.

It was like an invisible sword of an emperor was lit up, and the Italian lira, which had been stable for a year, fell again. At the same time, the Finnish mark also experienced a sharp drop.

Japan, Tokyo.

The annual business community conference is held.

“In these three years.”

"The plan for a soft landing of the economy has initially achieved the expected results."

"But judging from the data from the Price Bureau, residents' consumption tends to be conservative, and there may be stagflation or even deflation in the long run."

"Now that the Federal Reserve has tentatively tested interest rate hikes, it is expected that a strong interest rate hike cycle will begin. Do you think this is a good opportunity?"

“.”

Having said this.

The cadres from various companies present began to whisper to each other.

The underwriting and sale of government bonds broke the Bank of Japan's ban on purchasing government bonds.

A large amount of funds flowed into the bond market, and not only did inflation stabilize, but prices also began to fall.

on the other hand.

Because of the collection of property taxes, real estate has fallen to a terrible level, so there has been a sharp drop in storefront housing prices, the tertiary industry has developed well, and inflation has stabilized within a very ideal expectation.

Moreover, prices are relatively lower than in previous years.

This cabinet has received good reviews.

But it would be a terrible thing for people to have no pressure. The time in Japan seems to have slowed down, and the fertility rate has only slowed down its downward trend, but there is no sign of improvement.

What’s worse is that deflation seems to have become part of daily life, and many department stores are frequently running advertisements to stimulate consumption.

But the consequence of the publicity is that many people try to take advantage of the situation without spending any money. They do nothing every day but queue up to get shopping coupons.

Send out eggs.

Being taken away.

But the things didn't sell.

The benefits provided to shareholders were taken away by others, and people were eating and drinking for free, but he didn't get angry at all.

Hearing the discussion among the officials present, Nagano Nao said: "This is clearly an act of exploiting loopholes. We can ask the Metropolitan Police Department to arrest them!"

"What?"

The company executives around couldn't believe what they heard.

He looked at Nagano Nao with shock on his face.

"Why are you looking at me like that? Isn't this a good suggestion?"

"Don't make such jokes, Nagano-kun. The law does not prohibit exploiting loopholes. It is the company's own commitment. Why are you arresting people based on that?"

"So what are you discussing? At a time like this, of course it is more appropriate to lower interest rates to stimulate the economy!" Nagano Nao immediately changed his attitude when he saw that the situation was not right.

No one knew that this guy had just switched his habitual thinking, and he excitedly said: "Yes! After three years of waiting, it's finally today! If the interest rate is lowered, we will definitely be able to gain more market share!"

“Starting today.”

"Asia will belong to our Yamato people!"

“.”

That day.

After some discussion.

The financial sector has confirmed the next overseas strategic expansion, while the central bank has begun to temporarily postpone government bond investment and lowered interest rates by 50 basis points.

As soon as the news came out.

The Japanese yen depreciated directly from 78.48 US dollars to 79.55.

The US dollar rose directly from 81 to 82.38.

There is nothing more disgusting than the United States raising interest rates and Japan lowering interest rates at the same time.

Because according to the yield ratio of emerging market countries, there is a gap of one times in interest rate returns.

For example.

The annual return on Thai baht deposited in the bank must reach 8% to match the 4% return on US dollars.

This yield ratio is determined by the security of the US dollar as the world's largest currency, so once the US dollar raises interest rates, global capital will flow into the United States.

As an import and export trading country based on manufacturing, Japan has automation capabilities and technological advantages that are unmatched by any other country in Asia.

The long-term appreciation of the Japanese yen in recent years has led to low profits and forced the abandonment of low-tech industries, which has given emerging market countries the opportunity to develop and allowed the four little tigers to rise with cheap labor.

But once the yen depreciates, it will become a competition between automation and cheap labor.

End the meeting.

Nao Nagano rushed to the Japanese Life Insurance Department as soon as possible.

With his current status.

In his eyes, he could already foresee the changes in the next ten years.

This is an era in which America is at its most powerful.

Emerging market countries have to deal with both the blood-sucking effect of the US dollar's interest rate hikes and the dimensionality reduction attack from Japan's automation and high-tech technologies.

The market is being gradually eroded, trade export share is being snatched away by Japan's cheap products, the trade surplus turns into a deficit, and foreign exchange earnings will also decline simultaneously, which is an inevitable result.

Iida Yoko is about to take up a position in the Ministry of Health, Labor and Welfare, and Minamoto no Mitsuei has reached retirement age. Although he still holds the title of president, he is gradually giving up his power.

Naoto Nagano, the peerless fierce dragon, naturally became the person with real power in the personnel changes.

This guy immediately convened a meeting and, as the vice president, issued the first order that actually represented the highest authority of Japan's life insurance.

"Omura-kun!"

"Next, if it goes as expected, Thailand will raise interest rates to combat capital outflows."

“And the Bank of Japan has decided to cut interest rates in response to the U.S. rate cut.”

“So, be prepared to start a carry trade between the yen and the Thai baht, and take a short position in the Thai stock market.”