In July and August, under Andrew's careful operation, a short position of $20 million had been established in the account of Zhongyi, although he was already careful, but such a large sum of money still attracted the attention of the market.

In fact, the US stock market began to rise in '82, and by December 1986, the Dow Jones Industrial Index in New York had reached 1,896 points, up 78 percent from 1982.

Not only that, the U.S. government has also liberalized the financial market, and also stimulated stock investment by tax cuts. In the first nine months of '87, the amount of new money flowing into US stocks from Japan alone reached $15 billion, and there was already a clear bubble in stock prices. The Dow Jones Industrial Average reached a record 2,722 points in August.

At the same time, the real economy, which supports the virtual economy, has not shown a momentum of rapid growth like the stock market. In 1986, the US economy had changed from a high-speed development to a slow development, and the fear of economic recession had always been hanging over people's minds. Moreover, the trade deficit and fiscal deficit of the United States also grew at an alarming rate, and in 1985 the United States once again became a net debtor, with a debt of more than $100 billion, becoming the number one debtor, and these debts increased further in the following years. In this case, the growth of the stock market is not justified.

In fact, it is true that since the beginning of August, the stock market in New York has begun to show greater volatility, and since the appearance of 2722 points, the Dow Jones has stopped its momentum and has been oscillating non-stop.

…………

In Tokyo, Japan, at the trading department of Sakura Bank, Taro Sakata stood straight, his head lowered, and he kept saying "Hai".

Sitting in front of him was a middle-aged man in his forties, with a goatee and a traditional kimono, and on his feet, it turned out to be a pair of clogs, which looked particularly dazzling in this office environment of suits and leather shoes, ties and leather shoes.

This person is Kaoru Kagawa, Vice President of Sakura Bank, who is in charge of Sakura Bank's international business. This person is an old-fashioned person on weekdays, and he is very protective of traditional Japanese culture, so he also wears traditional clothes during work hours.

"Sakata-kun, what do you think about this incident?" Kaoru Kagawa knelt on the tatami mat, picked up the teacup in his hand, drank it all, and said slowly.

"Yes, it's all my fault this time, and I will take all the responsibility." Taro Sakata's head was pounded like a chicken pecking rice.

"No, it's not your fault this time. In fact, without your bold pricing, we would have lost even more. Kaoru Kagawa shook his head slowly, and boiled the tea by himself.

"Yes." Taro Sakata said busily, his head hanging lower, and now he didn't understand Kaoru Kagawa's purpose in summoning him.

After waiting for a meal, it wasn't until the tea in the red clay teapot in front of Kaoru Kagawa was brewed three times, and the taste was a little light, Kaoru Kagawa stopped what he was doing and beckoned Taro Sakata and said, "Sit down and talk!" ”

Japanese society is hierarchical, and the same is true in companies, although superiors and subordinates can sit together for meetings, but in such a less formal setting, there is only one tatami mat, and Taro Sakata will never dare to sit down.

"No, I'll just stand!" Taro Sakata paused for the first time, and then replied respectfully.

"Okay, without further ado, I plan to put you in charge of the futures market, specifically stock index futures, I don't know what you think?" Kaoru Kagawa put down the teacup, looked at Taro Sakata with a straight face, and asked solemnly.

Taro Sakata studied in the United States, graduated from the prestigious University of California, Los Angeles, and worked at the famous Chase Bank, but the rapid growth of the Japanese economy in recent years has increased the demand for such talent. Japanese nationals who were born in Japan and have worked in the U.S. capital market are naturally the favorites of Japanese foundations.

Sakata is a senior talent recruited by Sakura Bank from the United States, and the senior management of Sakura Bank originally wanted him to be the head of the derivatives trading department, but due to the strict hierarchy of Japanese society, he can only start as a junior trader, but he is directly responsible to the vice president, which is equivalent to half a department head. This is also the reason why Weishenme Sakata has such a big say in option pricing.

"Yes, I will do my best, and then die!" Seeing that he had not been punished in any way and had been transferred to a higher department, Taro Sakata was immediately overjoyed and agreed repeatedly.

Unlike the options sector, the stock index futures market has a much larger trading volume, with hundreds of millions of dollars in operating capital every day, and the futures sector is also one of the most profitable sectors.

Japanese banks operate in the U.S. capital markets that are not regulated by segregation laws, and the appreciation of the yen has led Japanese banks, with large amounts of U.S. dollar capital, to seek opportunities in the U.S. capital markets.

"According to the report of the research department, the slowdown in the economic growth of the United States is not in line with the rapid growth of the capital market, especially the stock market, so this time the top management decided to allocate another 100 million US dollars to the maturity market in addition to the capital previously invested, hoping to make some gains in it."

Kaoru Kagawa nodded, and told Taro Sakata about his plan one by one, and he had enough confidence in the respectful Sakata in front of him.

In fact, within Sakura Bank, there is a favorable attitude towards what Taro Sakata did two years ago, but the appreciation of the yen is too strong, far beyond the market's expectations.

The option for Zhongshi was Sakura's biggest loss in the options market. Although the loss of tens of billions of yen will not hurt Sakura Bank, it will also make a big laughing stock among Japanese foundations.

In recent years, Sakura Bank's expansion strategy has been very aggressive, especially in overseas operations, and it is ahead of the Bank of Japan. And this time, they planted such a big heel overseas, so that the Bank of Japan that followed them saw the joke. As a result, Sakura Bank is preparing to make a big profit in the U.S. financial markets and regain lost face.

"I know how to do it!" Taro Sakata said yes, and seeing that Kaoru Kagawa didn't have any more instructions, he quietly retreated.

…………

In July and August, Sakura Bank's account was also quietly absorbing S&P 500 futures, and unlike Zhongshi, Sakata's direction was to go long, and in the early days of the market, he also took advantage of the stock market rally and made a lot of money.

"What? That account is absorbing short orders again, and it is said that there are already tens of millions of dollars in positions? Although he has made a lot of money from the market, Sakata has not let his guard down, he knows that the market is changing rapidly, and there are risks at all times, so he must not be careless.

By chance, Sakata found an account in the market, which quietly absorbs short orders every day, and the number is not much each time, but the attitude of holding positions is very firm, and he never reduces his holdings. Sakata immediately became interested, and stepped up his monitoring of this account in addition to daily trading.

Through some dark means, Sakata found out that this account turned out to be the brokerage that had made a lot of money from Sakura Bank before, and it was said that the funds also came from Hong Kong, which was highly consistent with the transaction that defeated him!

Sakata was thrilled by this discovery, and he never expected that the two would be able to zaijian noodles so soon, and this time in a different market.

It's just that there are billions of funds in the game every day on the main month contract of the S&P 500, and there are as many as 100 million US dollars of additional margin every day.

There is another reason why Sakata has been holding still, that is, although this account is losing money every day, it has not changed its operation strategy, and it is still unswervingly absorbing short orders, which makes him very puzzled, is the opponent a chick who does not understand the rules of futures operation?

When he thought about it again, he dispelled this thought, if he was really a guy who didn't understand anything, how could he know how to use hedging to make such a big profit!

The other party must be a master! This is the conclusion he drew from it, and it also made him secretly vigilant, thinking that the other party must be waiting for the opportunity to exert his strength, as soon as he thought of competing with this mysterious opponent, Sakata couldn't help but be excited, trembling all over, and the opportunity to wash away the shame came!

After the Dow rushed to 2722, it no longer xiangshang, but turned its head and walked away, which surprised many people. Sakata is also starting to feel pressure, and he keeps a close eye on the movements of the mysterious account while opening a short position to hedge his risk.

Sure enough, after the initial losses, the account began to absorb chips at a steep rate in August, opening short positions at a rate of millions of dollars every day, and the floating profit gradually increased.

"Sure enough, it's a master!" Sakata secretly thought to himself, but with the abundant funds in his hands, he was not afraid of anything.

"Open a long position of 1,000 hands, set at 350, see if anyone picks up?" Sakata ordered the traders below him as he stared at the scrolling numbers on the screen.

According to the Chicago Board of Trade's margin ratio, the price of this long order is about $4.4 million, which is already a large order.

As Sakata expected, this long order has been hanging at the forefront of the transaction rankings, and there is no capital interested in this long order, just when Sakata was about to withdraw the order, suddenly a message of a transaction appeared on the screen, and an account quietly took Sakata's long order.

"Double open ......" Sakata was stunned for a long time, a little unable to believe his eyes, and when he came back to his senses, he decisively shouted to the trader who was still in a daze: "Open again, 3000 hands, see if he can take it!" ”

(JPMorgan Chase & Co. and U.S. regulators reached a preliminary settlement today over the sale of mortgage-backed securities in the event of the financial crisis, paying a $13 billion fine.) These fines will settle all civil litigation against JPMorgan Chase, and the criminal litigation portion will not be settled. JPMorgan Chase & Co. is accused of defrauding investors during the financial crisis, resulting in a loss of more than $20 billion from the latter's purchase of mortgage-backed securities (MBS) underwritten by Bear Stearns. ）

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