Naturally, Japanese capital was not tied down and resisted stubbornly throughout February.

In their view, the current decline is only temporary, and apart from the unfavorable news, the entire Japanese economy is still very good, and there is no news at all to prove that the Japanese economy is in a downward trend.

However, it lasted less than a month, and soon the Japanese stock market continued to fall.

This time the decline began on February 19, after opening two red lines in a row, the Japanese index plummeted again by more than 1,000 points on the third day, a decline of as much as 3.15%, and then on the next trading day, the bulls were unable to fight back, resulting in the subsequent two trading days continued to plummet, and the Japanese index continued to decline, falling by 2,500 points in two full trading days. After that, Zuihou rose slightly in the next two trading days in February, successfully recovering 1,500 points, but the tone for the whole of March has been set.

The most brutal March was undoubtedly extremely tragic and disastrous for many Japanese companies and shareholders. The index fell from 34,587 points all the way to 28,002 points in early April, a full drop of more than 6,000 points, more than 10,000 points from the peak of 38,957 points, and the market value was more than 30% less.

It seems that the bubble has almost been squeezed, and perhaps the current market value is a true reflection of the state of the Japanese economy.

At the beginning of January, out of concern about the current state of the stock market, a lot of capital pulled out and sold off a lot of Japanese stocks, causing the market to fall, which in turn accelerated the panic in the market, causing more stock sell-offs. In this case, the situation of securities lending and borrowing is greatly improved, and some capital can be shorted with impunity, accelerating the decline of the market again.

It's like a cycle, where the dip is scary, then it's selling, and then it's going to keep falling.

It's all faith at work.

It should be noted that some of these international investors who withdrew from the Japanese stock market did not leave Japan, but invested in the real estate market, which was still hot at the time, which also laid the groundwork for the collapse of the real estate market in the future.

Curiously, the Japanese government is ambiguous about the decline in the stock market and rarely expresses its views in public. Maybe they're still happy to some extent.

Yes, the bubble problem that politicians have been fearing has been resolved, and it is not in vain that they raised interest rates so frequently in the previous year. International investors are also satisfied, they have made money by bullish on the stock market before, and then they have withdrawn in time and made a lot of money on the futures index.

It was Japanese companies and ordinary investors who were hit hard. Ordinary investors may be more traumatized than those of large companies.

But even these ordinary investors, not everyone has suffered significant losses. But don't forget, many of them may have entered the market before October '88, when the lowest index was 26,701 points, which is lower than the current 28,002 points, so it is very likely that these people also made money.

So who loses money?

Or ordinary investors!

In fact, many investors do not follow the principle of risk diversification to invest, and their funds are impossible to buy the same proportion of constituent stocks as the index, and when the stock market rises, the stocks in their hands will rise, and when the index falls wildly, the stocks in their hands often fall more fiercely than the constituent stocks, after all, the performance of the constituent stocks is there.

After successfully capturing the swings of the Japanese stock market crash, Jongishi promptly cleared all his positions in April, after all, he did not remember the Japanese candlestick chart very well, and after leaving the market, he roughly estimated that he managed to earn more than $600 million on the Nikkei index in Singapore in the course of a few months.

These are all based on a single restricted position, and in fact, the position of Avery Far East's brokerage company was basically completely occupied by Zhongshi's funds during this time.

Everything looks perfect.

European and American funds in Singapore began to build positions in May, and they made a windfall in these three months, and the capital that tasted enough sweetness would not give up every opportunity to make profits. It has been roughly estimated that during this period of time, conservatively estimated, these bears could have made more than 100 billion dollars in profits if they had been heavily bearish.

Of course, these are all in an ideal situation, in fact, in the case of some Nikkei index crashes, due to the lack of corresponding counterparties, the bulls due to insufficient margin, the exchange to balance the margin and other factors, these funds do not earn as much profit as imagined, even so, these funds are enough to sweep away three or four billion dollars of profits.

As the main side of the bears, Jim and his team made another eight billion.

However, the only fly in the ointment is that the $100 million they secretly operated was wiped out, and soon became a small wave in the vast ocean and disappeared without a trace.

Jim, who embezzled client funds in private, escaped a catastrophe because of his caution. He lost $20 million in the futures market, and he didn't dare to operate the remaining $40 million until mid-March, when he issued a notice letter to his clients, announcing that he would return all the funds, although it was only eighty percent of the previous one, but most investors were still very satisfied, after all, they were very satisfied with the Japanese stock market at that time.

Jim was ready to put more effort into that more than $10 billion funding. However, soon, the right to use these funds was taken back by the consortium behind them, and they naturally gained a lot after working for most of the year, giving them a total of $100 million in cash rewards.

The makeshift traders each received about $10 million, and most of them chose to work on the Nikkei rather than go back to their old investment banks. The profits they get from these hours have exceeded the salary that most of them can get in a lifetime, and in this case, choosing to fly solo has become inevitable.

The traders were quick to dive into the Nikkei contract in May, and they quickly knew how fortunate they were to be in the midst of a great battle. At the beginning of April, the Japanese index began to recover, thanks to the beautiful economic data in the first quarter, the Nikkei index finally stopped the decline, and began to rise for three consecutive months, the peak once rushed to 33,344 points, the first three months of the market did not appear again.

Most of these traders gambled in the wrong direction and quickly lost a lot of their money, and later some of these people returned to the West with the little money they had left, while others began to go long in reverse.

As for Maxim, the deal he had made privately with Jim was also nullified by the dissolution of Jim's fund, and after receiving $10 million, he chose to travel around the world while observing which market would have the greatest opportunity.

Jim himself, like most people, is fully involved in Singapore's Nikkei market, but he soon discovers that the market is completely different from when he operates, and that as a single investor has very little influence on the market, he can no longer find that feeling of calling the wind and rain. Soon, he lost $5 million out of thin air on April 18 and 19 because he gambled in the wrong direction.

Since then, Jim has disappeared from the streets of Tokyo, and he is rarely found among foreigners living here, and it was not until 97 years later that Jim reappeared.

As for the funds, except for some of them, which continue to operate in the Singapore market, most of them have returned to Europe and the United States, and then turned into the profits of investment banks, funds, banks, etc. in the first quarter. Of course, for those analysts and traders who contributed during this time, the capital also generously wrote a large amount of cheque rewards.

Among them, Stanley offers generous cash rewards to some derivatives traders, because within the company, checks for more than $100,000 are not allowed, so some traders receive several envelopes. You know, in those days, even partners were rewarded with millions of dollars a year.

These multi-million dollar rewards strongly stimulated a young man who was working in the liquidation department of Stanley Company at that time, and he felt that his future at Stanley Company was hopeless, and he was strongly stimulated by money to jump ship to a long-established bank in Europe and start working in securities trading.

Soon, due to his excellent work, he will be sent to Asia to preside over the bank's operations in Asia. Later, he did a big thing that caused a sensation in the global financial circle, and directly made his owner bankrupt!

Not only that, but also because of these things he made, he directly overthrew the position of the Singapore Exchange as the leader of Nikkei index futures, and since then, the Singapore Futures Exchange is no longer the first choice for investing in Nikkei.

He was Nicklison, the future king of Nikkei.

(In fact, Nickerson left Stanley in '89, with a slight change of year for the novel.) ）