Han Xuewei's mouth opened wide in shock: "Is it possible to copy everything you have in China?" ”

Tang Ning smiled mysteriously: "Don't worry, you will know when the time comes." ”

After the two children were successfully born, it was impossible for Tangning to nest at home anymore, and it was okay to put aside various affairs outside occasionally, but it would not work after a long time, so Tangning began to inspect his various industries again, and then found that everyone was working very hard and seriously, and the development of various industries was relatively stable, and the only thing that made him a little curious was Inujiro's mental state.

As Tang Ning's white goods shopkeeper, Inujiro's mental state was not very good, so Tang Ning asked, "Ergouzi, what's wrong with you?" Looking at your dejected look, could it be that someone bullied you during my absence? ”

Inujiro shook his head and said: "Now there are few people in Tokyo who dare to bully me, I was miserable by the damn stocks, boss, you haven't touched the stock for a while, you don't know, now the Nikkei has fallen to 1200, and all my money has been trapped in it." ”

Tang Ning was surprised when he heard this, and said, "What? 1200？！ Impossible, I remember the last time I watched it, it was over 1800, why did it suddenly drop so much? ”

Inujiro sighed and said: "Who knows about this thing, hey, I knew that I shouldn't have invested my money in the first place, and the money I made by pinning my head to the waistband of my pants was all cheated by stocks." ”

Shibu Nishikawa, who was on the side, laughed and said, "Who can you blame for this?" When it rose back to 1600 in May, I advised you to throw it quickly, but you didn't listen, I didn't say that it could rise to 2000, what was the result? Now it's too late for you to regret it. ”

Inujiro said with some embarrassment: "Didn't I think about making more money at the time, who would have thought that it would fall so quickly." ”

Looking at Nishikawa's unhurried appearance, he knew that he was definitely not trapped. So Tang Ning asked: "Xichuan, it seems that you know the inside story of this stock market crash?" ”

Nishikawa Wataru stood up and replied: "Boss, I know a little bit, but this is also hindsight, I only analyzed it with a few friends after the stock market crash, and I was also trapped for a while at first." Fortunately, he escaped when the government bailed out the market, although he lost a little, but the impact was not great.

From the current point of view, the reason why Japan's stock market has been booming in the past two years, and even the Nikkei index once peaked at 1829.74 points, is due to the boom in corporate listings, the emergence of open-end funds, and the promotion of securities companies.

Under the guidance of the government, the financing channels of enterprises have expanded from single bank loans to direct financing in the securities market. The listing of enterprises and the issuance of corporate bonds have entered an unprecedented stage of development. Second, the amendment of the Securities Investment Trust Law has ushered in a golden age for open-end funds. At the same time, securities companies have also expanded by leaps and bounds. At present, there are hundreds of brokerages in Japan, and there are branches all over the country. ”

Inujiro on the side said impatiently: "Nishikawa, you know no, what annoys me the most is you, everything is grinding and chirping, the boss is asking you why the stock is falling, you are talking about why it is rising for a long time, I really can't grasp the point." ”

Shikawa glared at him and said, "What do you know. If you don't explain why it will rise, how can you explain why it is falling? "Then tidy it up a little. "The main reason for this stock market crash is that the government has invested heavily in infrastructure and highway construction in preparation for next year's Tokyo Olympics, which has led to the rapid development of the infrastructure sector, but after the infrastructure is completed, the government has begun to tighten credit, which has slowed economic growth," he continued. As a result, the stock market is volatile.

The trigger for the stock market crash was President Kennedy's interest equalization tax policy, that is, a tax levied by the U.S. government on the interest received by its people on the purchase of foreign securities, which was intended to reduce the interest of the Chinese people in investing in foreign securities, so as to reduce the outflow of funds. (At the same time, the interest equalization tax is one of the main factors contributing to the development of the Eurodollar market.) ）

The exodus of foreign capital from the Japanese market has triggered a sharp drop in the stock markets of Japan and the United States. The biological chain of pretrust instantly became a shackle around the neck of the broker. Individual investors who have suffered in the stock market have gradually begun to sell financial bonds, and brokerages have no choice but to sell their stocks in the face of increasing runs on investors, and use them to raise funds to redeem the pledged financial bonds to repay customer funds. This has both exacerbated the decline in the stock market and increased the financial costs for brokers. ”

Hearing this, Tang Ning stopped and said, "Wait a minute, Xichuan, what do you mean by this predestination?" ”

Nishikawa explained: "At that time, Japanese brokerages mostly used a business model in the form of depositary to make up for the shortcomings of brokerage financing.

The business model is as follows: The three major long-term credit banks, including the Industrial Bank of Japan, the Japan Long-Term Credit Bank, and the Japan Real Estate Bank, can issue one-year and five-year financial bonds, and a large part of them are sold by brokers. At the same time, the brokerage company borrows bonds from customers at an interest rate of 1% per day, and mortgages them to banks or other small and medium-sized financial institutions to obtain corresponding funds, and the stocks obtained by the brokerage can be re-mortgaged at a rate of 70% to obtain new loans.

In the rising stage of the stock market, the depositary business model has played a huge role in leverage, increased the liquidity of the market, and also brought rich income to brokers. However, when the stock market declines in the opposite direction, this business model plays a role in reverse leverage, and the business body of the brokerage company will be suffocated by hypoxia in the short term.

Moreover, during this stock market decline, open-end funds fell below the issue price one after another, and the sell-off of individual investors exacerbated the decline in the benchmark price of the fund, and nearly 162.1 billion yen of funds flowed out of the fund market. ”

Tang Ning said in his heart that this is similar to the subprime mortgage crisis in the United States in the future, I don't know how many people will jump off the building because of this time Japan is trapped, and then he seems to have suddenly thought of something, so he asked again: "Xichuan, didn't you just say that the government bailed out the market?" How was this saved? ”

"It is said that the governor of the Ministry of Finance, Kakuei Tanaka (who later became the prime minister of Japan), summoned the heads of Industrial Bank, Fuji Bank, Bank of Mitsubishi, Nomura Securities, and Daiwa Securities to discuss a rescue plan overnight. Under the leadership of the Ministry of Finance, Japan Kyodo Securities was established with a capital of 2.5 billion yen and a joint venture between banks and brokerages.

However, in the face of seller pressure of more than 100 billion yen in the market at that time, the funds of Japan's mutual securities were obviously a drop in the bucket. When Japan's common securities were about to run out of food, the Ministry of Finance and the Bank of Japan allocated a special financing quota, so the capital of Japan's common securities increased to 30 billion yen, and at the same time, the coordinated financing of 100 billion yen by the bank group and the special quota of 84.5 billion yen made Japan's mutual securities re-enter the dismal stock market, and as a rescue fund, a total of 190.5 billion yen was invested in the stock market, and the Nikkei index finally held the 1,000-2 mark. ”

Speaking of this, Shibu Nishikawa looked at Inujiro: "Jiro, you still think 1200 is miserable, but do you know how much the government paid to keep these 1200 points?!" (To be continued.) )