Golden Spoon Investment Portfolio - Chapter 137

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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137. The Tokyo Offensive (3)

Morning of April 10, 1995.
Na Seong-mi, now in her fourth year since joining the company, hurried up the subway station stairs with her handbag slung over one shoulder and made her way to the office.
She always arrived thirty minutes early to prepare her work before her direct supervisor Seok-won arrived, but having overslept slightly this morning, her anxiety was more acute than usual.
Stepping out of the elevator and entering the office, Na Seong-mi flipped the wall switch, flooding the dim interior with light.
Glancing at the watch on her wrist, she saw it had just passed 8:50.
Though she was twenty minutes later than usual, Seok-won hadn’t arrived yet, so she was still in the clear.

“I need to get everything organized before the department head arrives.”

Na Seong-mi set her handbag on her chair and powered on the computer at her desk first.
She then removed her blazer and hung it neatly in the wardrobe behind her desk before hurrying toward the inner office.
Expecting the space to be empty, Na Seong-mi opened the door abruptly, only to be startled to see Seok-won already seated at the office desk, his eyes widening in surprise.

“Oh my! Department Head.”

Seok-won, who had been gazing at the computer monitor, leaned back in his chair and spoke.

“You’re here?”
“My goodness. How long have you been here?”

Na Seong-mi looked at him with a bewildered expression.
Bright sunlight streamed through the large window, yet Seok-won’s face bore traces of fatigue.

“I came in early because I had work to do. Sorry, but could you bring me a cup of coffee?”
“Of course.”

As Na Seong-mi answered and turned to leave, Seok-won called her back.

“Ah, wait a moment.”
“Is there something else you need?”

Seok-won pulled a credit card from his wallet and handed it to her.

“You know that Japanese restaurant behind the company?”
“Yes.”
“The Investment Team 1 members have been here since dawn working, so they probably haven’t eaten breakfast properly. Order the most expensive bento boxes from there and have them delivered.”
“Understood.”
“Since we won’t be able to go out for lunch today anyway, while you’re ordering, please arrange lunch menus as well. Since you’re taking care of Investment Team 1, make sure to include everyone from the investment teams, Na Seong-mi, and myself—don’t leave anyone out.”
“That will be quite a number.”
“That’s fine.”

Only then did she belatedly recall that Seok-won was the Chairman’s son.
She had worried slightly since it was a personal card rather than a corporate one, but it turned out to be needless concern.
Na Seong-mi, who unexpectedly found herself enjoying premium Japanese restaurant bento for lunch, felt delighted and asked in return.

“Understood. Is there anything else you need?”
“No.”

With that, Na Seong-mi bowed her head briefly and left the office.
As the door closed, Seok-won leaned back in his plush chair and stared at the computer monitor.

[USD/JPY : 83.09]

The exchange rate, which had seemed precarious even at 82 yen, had barely recovered to 83 yen as the Bank of Japan urgently released yen and purchased dollars.
However, in that process, the Bank of Japan—caught off guard by the hedge funds led by George Hamilton—revealed that it was not commanding the situation but rather being helplessly dragged along.

“And I’ve made it crystal clear to foreign exchange dealers worldwide that something major might happen today.”

By now, rumors would certainly have spread among foreign exchange dealers that the Bank of Japan had taken a heavy blow from the hedge funds’ surprise attack in the Sydney Foreign Exchange Market at dawn.
And it was easy to predict that this was merely a preliminary skirmish, and the real main game would unfold shortly in the Tokyo Foreign Exchange Market.
By now, foreign exchange dealers and investors worldwide would be watching intently to see whether the Bank of Japan could withstand the hedge funds’ successive waves of attacks.

“If they hold the line here, they can protect the yen, but if they get pushed back, there’s no choice but to surrender like the Bank of England did.”

Of course, I already knew the outcome.
But because I had regressed, I couldn’t know what variables might emerge, so I couldn’t afford to let my guard down.

“If the flow deviates even slightly, I need to step in immediately and ensure the result doesn’t change.”

Seok-won’s eyes gleamed sharply as he sat in his chair.
Having dramatically increased his wealth again through the Mexico investment success, if I joined the fight with my available cash, it would be more than enough to swing the momentum decisively toward the hedge funds in a single stroke.
Seok-won glanced at his wristwatch, then fixed his gaze on the monitor displaying the Tokyo Foreign Exchange Market quotes.

“Twenty minutes until the market opens.”

* * *

9:25 AM, Chuo Ward, Nihonbashi Hongokocho, Tokyo. Bank of Japan Headquarters.
With the foreign exchange market opening imminent, a tension so profound it seemed you could hear a pin drop permeated the office.
Dozens of employees, including Yamada and his team, held their breath as they stared intently at the massive status board mounted on the front wall.
Though everyone was exhausted and worn, they all understood that today was the pivotal moment that would determine victory or defeat in a battle that had raged for over a month, so they sharpened their focus and concentrated with unwavering attention.
As everyone swallowed hard against the mounting tension,
Yamada, unable to remain seated, stood from his desk and checked his wristwatch with an anxious expression.

“What’s the situation in Sydney?”

An employee sitting at a desk in front, monitoring screens, turned his head back to respond.

“At 83.09 yen, there’s been no significant movement. Yen buying interest has slowed considerably.”
“Any activity from the Quantum Fund?”

In response to Yamada’s question, a heavyset man sitting beside the first employee answered instead.

“It’s been quiet since they placed their last buy order an hour ago.”
“Hmm.”

As the hedge funds’ fierce barrage of yen-buying orders, which had continued relentlessly until moments ago, suddenly ceased, Yamada felt less relief than unease settling over him.
It felt like the eerie calm that precedes a violent storm.

“Could George Hamilton have decided to back off after seeing our aggressive response?”

Matsuyama, standing beside him with a stern expression, murmured softly.
But Yamada immediately shook his head.

“After targeting our vulnerabilities so thoroughly and launching a surprise attack, there’s no way he’d retreat so easily.”
“I suppose you’re right.”

Matsuyama, realizing his comment had been more wishful thinking than genuine expectation, quickly conceded.
Just as everyone was engulfed in an ominous silence, a telephone suddenly rang out loudly.
As all eyes turned toward the sound, the nearest employee quickly picked up the call.

“Yes. Please hold for a moment.”

The employee who had spoken respectfully handed the receiver to Matsuyama.

“It’s Governor Kajiwara.”

Matsuyama immediately took the receiver.

“Yes. This is Matsuyama. Yes. Yes. I understand.”

After ending the call, Matsuyama handed the receiver back to the employee and exhaled a long, weary sigh.

“What did the Governor say?”

Yamada asked carefully.
Matsuyama then relayed what he had just heard in a grave, measured tone.

“The Governor has secured approval from the Prime Minister to allocate an additional one billion dollars toward currency defense.”
“So combined with what we’ve already secured, that gives us a total of 2.1 billion dollars to deploy.”
“That’s right.”

Matsuyama nodded slightly and looked at Yamada.

“With this much firepower, we should be able to repel George Hamilton and those hedge fund bastards, shouldn’t we?”

The fact that they had been handed an additional one billion dollars in ammunition made it abundantly clear that both the cabinet and Governor Kajiwara understood the gravity of the situation.
Though their available funds had now doubled, Yamada’s expression remained tense and unyielding.

“We’ll do our best.”

Matsuyama, who had hoped for a more optimistic response, furrowed his brow.

“Effort alone won’t cut it. We must defend the 80-yen line with the resolve of a samurai facing certain death!”

Yamada too wanted to project confidence, even if it was mere bravado, but the reality was that he lacked even that luxury.
With each passing second, anxiety and tension gnawed at his nerves like a relentless predator.
Just then, an employee shouted loudly.

“Five minutes until market open!”

Yamada reflexively glanced at the electronic clock in the center of the large display board.
As the opening time drew closer, Yamada swallowed hard without realizing it.

[9:29:25]
[9:29:26]
.
.
[9:30:00]

Then, at precisely 9:30 AM, the Tokyo Foreign Exchange Market opened before the watchful eyes of foreign exchange investors around the world.

“The market is open!”

As one employee announced the opening with a trembling voice, the dollar-yen exchange rate, which had started at 83.09 yen, began to fluctuate wildly.

“Yen purchase orders are flooding in!”
“Damn it! The 83 yen level has broken!”

As the previously quiet room erupted into commotion, Yamada raised his voice.

“We can’t lose momentum! Buy dollars immediately and stop the yen from strengthening!”

The employees immediately sprang into action, typing on keyboards and placing orders over the phone.

“Buy 2 million dollars at market price!”
“Okay. Done!”
“Bought 800,000 dollars!”
“Done!”
“Five more buys!”

Despite frantically issuing orders in defense, the yen exchange rate didn’t fall—instead, it climbed steeply higher.

[USD/JPY : 82.99]
[USD/JPY : 82.55]
.
.
.
[USD/JPY : 81.99]

“It’s broken through to 82 yen!”
“Insane! How much money are they pouring in?”

Like a tsunami crashing down in a single decisive blow, the wave of yen purchases swept through the market, leaving everyone in shock and gripped by fear.
Yamada, despite having braced himself to some degree, felt his breath catch in his throat as the buying tsunami far exceeded his expectations.
At that moment, Matsuyama, the director standing beside him, shouted with veins bulging in his neck.

“Damn it! Buy every dollar you can get your hands on right now!”
“We can’t do that. If we exhaust all our reserves this way, we’ll be completely defenseless!”

Yamada urgently tried to stop him.
But Matsuyama, flushed red with excitement, glared with wide eyes.

“I know! But if we hesitate and the 80 yen level breaks, then the situation becomes uncontrollable!”

His words held truth, so Yamada couldn’t argue back and fell silent.
In that moment, Matsuyama turned his head and urged the staff.

“What are you doing! Buy dollars now!”
“Yes, sir!”
“Understood!”

The staff, who had been watching for an opening, quickly placed buy orders under Matsuyama’s sharp command.

“This is…”

Yamada had no choice but to follow Matsuyama’s orders and direct the staff accordingly.
Matsuyama’s response wasn’t necessarily wrong.
But whether they could actually repel the Hedge Fund attacks this way—Yamada’s anxiety only deepened.

* * *

[USD/JPY : 81.97]
[USD/JPY : 82.01]

Watching the monitors as the yen, which had been climbing steeply in overwhelming strength, suddenly hit the brakes, Seok-won nodded as if he’d expected exactly this.

“Right. If it ended here, it would be too anticlimactic.”

With both sides charging straight at each other without retreat, the game of chicken had begun—now it came down to which side possessed the audacity and capital to push through to the end.

“Japan may hold over 120 billion dollars in foreign exchange reserves, but it can’t deploy all of that to defend the exchange rate.”

If they did, the problem wouldn’t be yen strength—it could spiral into a foreign exchange crisis like Mexico’s.

“At most, 20 to 30 billion dollars. Even at the absolute maximum, 50 billion dollars would be the limit.”

The Quantum Fund led by George Hamilton and the hedge funds faced their own constraints on available capital.

“But if the momentum tips toward Hamilton, the investors and financial institutions who’ve been watching cautiously will jump into yen purchases for hedging. Once that happens, the Bank of Japan won’t have any way to cope.”

The real question was whether Hamilton and the hedge funds could push the yen exchange rate up that far.
As I watched the exchange rate move ceaselessly with mounting fascination, my mobile phone on the desk began to ring.
It was a call from Kim Jung-sik, the team leader of Investment Team 1.

[Director! We’re locked in a struggle at 82 yen—what should we do?]

His voice was urgent, but I answered with unhurried calm.

“It’ll go higher. Keep holding until we reach 80 yen.”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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