Hyogo Prefecture, Hyogo Bank Head Office.

Investigated for duty, young Hiroshi Watanabe routinely flipped through bank accounts.

Matsushimaoka, an ordinary employee of the Ote Manufacturing Department, purchased a real estate project under Yamato Housing Industry in Hyogo Prefecture with a mortgage loan in 1985, with a total loan of 40 million yuan, which was repaid in 30 years. In March 1987, I applied for a mortgage loan of 50 million yen, and the purpose was to purchase a house. In November of the same year, Matsushimaoka pledged a new house again to apply for a loan, with a total loan amount of 100 million, and the purpose was to purchase a house.

Ryotaro Sakaguchi, President of Heinobu Co., Ltd., is mainly engaged in the production of daily necessities and has good assets. In 1984, he applied for a loan of 500 million yen to purchase a villa in Chuo-ku, Tokyo, and repaid it in 40 years, and in 1988, he applied for a loan of 200 million yen again when the loan repayment was only four years......

......

Buy a house with a loan, take a mortgage, and buy a house with a loan. By any measure, these numbers are staggering. From a risk perspective, banks should not have approved these loans at all, but as a result, all loans were approved.

The more he flipped through it, the more shocked Watanabe became.

He finally understood how Hyogo Bank's 2.3 trillion bad debts came from.

Affected by the decline in housing prices, many people who use loans to support their houses have no choice but to overdue loans, large amounts of non-performing assets are concentrated in banks, and in the market, housing sales have dropped to the freezing point, and these mortgage assets cannot be sold, and they immediately become bad debts.

A fear pervades Watanabe's heart, if other banks are like Hyogo, then ......

Outside the gate of the Bank of Hyogo.

The dense crowd blocked the bank.

There were business owners, housewives, market vendors, and white-collar workers who had heard the news and asked for leave, and all of them were slamming into the doors of the Hyogo Bank like crazy.

Manners and modesty are all put aside when wealth may be wiped out.

The door of the bank had already been smashed, and the security guards had to line up in front of the counter.

Withdrawing money, all people have only one purpose, to withdraw money.

A middle-aged man at the front was lucky enough to be squeezed to the counter, holding the passbook in his hand and shouting.

"Take out the money, take all my money out. ”

"Wait, I've been waiting since the morning, and you're telling me to wait. Is your bank out of money? ”

At the third window of the counter, a thirty-year-old young man shook the passbook in his hand and roared.

When he heard the news that the Hyogo Bank had been temporarily suspended due to financial problems, he came to the bank early to line up to withdraw money, and finally waited until now, but the bank actually told him to wait.

What does it mean?

The Bank of Hyogo ran out of money.

"Is your bank out of money? ”

"Definitely. ”

"The bank is out of money. ”

“......”

The hideous faces frightened the staff who handled the business at the counter, who had just graduated and came to work, and he had never experienced a bank run.

Faced with the almost cannibalistic eyes of the depositors, the young staff cried and pleaded.

"Sumi Ma Sai! Su Mi Ma Sai!"

Unfortunately, no one accepted the young staff's apology for sure.

"We're going to get the money!"

"Call your president, we want to withdraw the money. ”

"Yaga! We're going to withdraw money. ”

“......”

Affected by the downward trend in housing prices, Binku Bank was investigated by the Banking Bureau due to financial problems, and major branches were run at the same time.

When the news reaches the market, the impact on the market can be imagined.

Tokyo, stock exchange.

The green numbers on the screen make people's hearts chill, and a pair of wooden eyes, in addition to staring at those numbers blankly, are only sluggish and dead.

1,000 shares down limit!

Orient Securities II.

Bank stocks were hit hard, with more than 13 bank stocks falling to the limit, all listed housing companies falling to the limit, and individual stocks related to banks and real estate also plummeting.

The first section of the Orient Securities was also not spared.

More than six bank stocks fell to the limit, and companies involved in the banking and housing manufacturing industries all suffered huge sell-offs.

In addition, major insurance companies have also been hit hard.

Loss Insurance Holdings, down 28 percent, 30 million shares sell orders firmly sealed the fall limit.

Money, gone.

Seeing the wealth he has worked hard to earn in his life continue to turn into ashes, it hurts, and it may not be so painful to cut off a few catties of flesh from his body.

The pain makes despair, and the pain makes people confused.

Atsuro Watanabe stared blankly at a stock on the screen, his mind blank.

Hasaka Housing Construction, which was once the third largest real estate company in Tokyo by market capitalization, is booming.

But now, its market value has shrunk by more than 60 percent.

It's only been a little over a month.

Less than ten trading days, to be exact.

Atsuro Watanabe only felt that his head was muddy, and he couldn't tell the direction.

Stocks, how can they fall.

Why is there a limit to the fall.

It's not very good for everyone to buy together and raise prices to make money. Motorcycles become small cars, and everyone gets rich.

Why, motorcycles have become mountain bikes.

Now, his 200 million has shrunk to only 800 million, how to explain to the company!

Thinking of the misappropriation of funds being discovered, Watanabe's heart was filled with despair. The deficit of 1.2 billion, even if he sells the house, he can't fill it at all.

Why is this happening?

No one could give an answer, only a screen full of green tearing wounds again and again.

"Alcohol indulged again and again

When anesthetize my depression

Everything that has passed will subside

Can't break through walls

I can't see the road ahead

......”

Osaka, Capital One.

The low and sad music of "Gray Track" echoed in the office, and along with the music, someone was shouting out the lyrics at the top of their voices.

The voice of the broken gong is like a male duck calling.

The sadness and low did not sing, which made people inexplicably want to cover their ears.

William didn't dare to cover his ears, but he still dared to slander in his heart.

As soon as the market opened in the afternoon, under the impact of the news of the Hyogo Bank run, the Oriental Stock Exchange dived rapidly, quickly breaking through 19,000 and 18,000, falling to 17,888 points, a sharp drop of 2,200 points.

And then..... And then there became.

Shen Jiannan turned on the stereo and sang here.

William knew what virtues his boss had, and he was gloating.

Otherwise, how can a song that is obviously very low have a cheerful taste.

"Then there are those struggles and those who are forced

Treading on a gray trail

It's the shadow of the abyss

I have been burdened with hardship, regret and embarrassment

But your eyes are full of tears at the moment

......”

Finally, William's cry like a duck couldn't stand it, so he had to remind him politely.

“BOSS。 Can you change it to a separate song? ”

Shen Jiannan didn't make a sound, and glanced at the big screen in the distance.

17888.88。

It's an auspicious number, but it's a little greener.

That, change the song.

I picked up the record in the gramophone, changed it casually, and the impassioned melody sounded.

"Hallelujah!

Alleluia!

Runners are running!

......”

Like a flying butterfly, Shen Jiannan fluttered his wings and danced to the melody.

On the side, William was speechless.

Many times, he can't understand the neuroticism of his boss.

People are dying every day, can you express a moment of silence? No, hallelujah, just pray!

Defeated by his own logic, William shuddered.

If you stay with neuropathy for a long time, will it be contagious?

"Building our country. ”

“BOSS。 In the afternoon, there was news that the securities bureau may save the market. Shouldn't we be reducing our position?"

"Hallelujah!"

“BOSS!”

“......”

Interrupted by William continuously, Shen Jiannan couldn't devote himself to the kind of resonance with the melody, so he had to turn off the gramophone and roll his eyes.

"William. Have you read the Neon Securities Law?"

William looked confused.

"What?"

"Under the Neon Securities Act, naked short selling is prohibited. ”

William was even more confused.

Shen Jiannan found a kind of intellectual superiority in William's confusion, lit a cigarette, took a puff, and then continued to laugh.

"In the neon securities market, due to foreign investment restrictions, the proportion of foreign capital does not exceed 5%. The Neon Securities Law is very strict on private equity funds, and there is basically no private placement at will. As for hedge funds, you may not know that Neon people's understanding of hedge funds is the same as the attitude of domestic people towards insurance. ”

"And for private placement, the tax rate in Neon is 50 percent. So there is no private placement in Neon at all. ”

"Since naked short selling is prohibited, who is selling short now?"

Ah, us!

William wanted to say it, but couldn't.

Nikkei 225 futures are only derivatives of the market, and it is impossible for it to exist outside the market, so its price fluctuations are calculated according to the market composite index.

If the Orient Stock Exchange rises, the futures market will not be able to affect the price of the Orient Stock Exchange against the general trend, and with the market value of the Topix of hundreds of trillion, the futures market is just a drop in the ocean.

So who's selling short?

Suddenly, William was excited, and the chill that was not in the bitter cold of winter penetrated into his bones.