Chapter 220: Isn’t It What We Expected?

I know what Kim Hak-gwon was hoping for from me. But this was a disaster that no one could prevent.

“The foreign exchange crisis that grew like a snowball around the world eventually led to this mess. Due to the financial crisis, governments everywhere quickly lowered their interest rates, and that influx of liquidity began to chase the illusion of IT. All that money ended up flooding the stock market and eventually created a bubble.”

Every event has its cause. There were several opportunities to prevent this disastrous bubble.

What if the FRB had raised interest rates to redirect funds flowing into the stock market elsewhere?

What if they had actively helped during the global economic crisis?

But all of that is just an illusion. It was pointless to regret what had already happened.

“Still, at least we’re better off than the rest. Having already experienced the foreign exchange crisis, we’ve built up some resilience. So, you shouldn’t worry too much.”

“Hmm…”

A moan escaped Kim Hak-gwon’s lips, and he managed a faint smile.

“It’s not just Korea; it’s a global phenomenon. Now that it’s happened, we have no choice but to leave it to the market economy.”

After frowning for a while, Kim Hak-gwon nodded.

“I still called you just in case. I just want to stabilize this situation somehow. I thought you might have a solution.”

“Even if the FRB steps in, it’s already too late. We can only wait for time to heal this.”

I understood Kim Hak-gwon’s feelings well. He must have called me out of desperation, but this was beyond what any human could manage.

“Mr. President, all you need to do is one thing. Hold those responsible for this accountable. Just that alone will suffice for you to have done your part.”

The recession that began as soon as the U.S. boom ended inevitably affected Korea’s export-driven economy.

“Your thoughts are completely opposite to those of your economic advisors.”

Without thinking, I smirked. Their reasoning was so predictable.

“Surely they argued that overly severe punishment would stifle the morale of business operators.”

“That’s correct.”

A bitter smile crept onto Kim Hak-gwon’s face.

“They’re just afraid they’ll be held accountable.”

Nodding in agreement, Kim Hak-gwon let out a deep sigh again. His face was filled with worry.

“This is a good opportunity to shake up the stagnant water, Mr. President.”

Kim Hak-gwon, who seemed troubled, pressed his temples with his hand.

It would be too heavy a burden to hold them all accountable.

“Ilseong has made repeated requests for meetings. Now they’re leaking my mistakes to the press because I didn’t respond.”

“Isn’t this what we expected? You can just pretend you haven’t seen them.”

“Do we really have to bring them down? If it’s just about taking the management rights from them, I can lend my support.”

That was an unexpected proposal. However, I couldn’t accept it easily.

“I’m sure there will be backlash. Simply taking away management rights won’t be enough to satisfy them.”

“If Ilseong collapses, it will lead to chaos in Korea’s economy. Many companies fell during the foreign exchange crisis, and that situation is still ongoing.”

The number of major corporations that collapsed during the foreign exchange crisis was staggering.

Rumors circulated that if they fell, Korea would be doomed.

“If a group like Ilseong collapses, the repercussions will be enormous. It’s scary to even imagine.”

However, the market was functioning without issue, adhering to its principles, rather than collapsing.

Moreover, even if Ilseong collapsed, I had already prepared alternatives, so I wasn’t afraid at all.

“I don’t think the impact will be that serious. I promise you this: Jungwoo Group will fill the void left by Ilseong. Just watch. Getting involved in a fight won’t yield any benefit.”

Even if Kim Hak-gwon completely sided with me, the losses would outweigh the gains.

For now, maintaining neutrality was the best course of action to help myself.

“How are relations with the Japanese government?”

“The Japanese government? It’s better than with the last one. Although things cooled off a bit due to the Dokdo statement this time.”

Japan and Korea couldn’t get along no matter how hard they tried. Particularly, Japan’s brazen attitude stirred anti-Japanese sentiments among Korean people.

“You can’t trust Japan. They said they wouldn’t bring up the Dokdo issue again, but here they go revisiting it.”

There’s always a best case scenario in international diplomacy, but there are no definitive answers. Nevertheless, the situation seemed much worse than expected.

“Why is the Japanese government suddenly inquiring?”

“It seems Ilseong Electronics is trying to acquire Japanese semiconductor companies. However, they didn’t even negotiate because we’re a Korean company.”

“Now that you mention it, I think I’ve heard something like that.”

As if remembering my explanation, Kim Hak-gwon responded.

“It was just a while ago that negotiations were stalled, but now I’m hearing that Ilseong is the most likely candidate for acquisition.”

With no connections to Japan, it was hard to obstruct this negotiation or acquire a Japanese company.

“If the negotiations with Ilseong Electronics go through, it will be problematic. That’s why I was wondering if your relationship with the Japanese government was good.”

“Are you suggesting Ilseong Electronics has a good chance of acquiring a Japanese semiconductor company?”

There was excitement in Kim Hak-gwon’s voice over what had been previously unknown news.

“That’s probably the case. I’m thinking of stopping it, though.”

“Hmm… Is there a particular reason to stop it?”

I understood why he was disappointed. However, I couldn’t tolerate Ilseong acquiring a Japanese company.

“I misspoke. The Japanese company is trying to be acquired by Jungwoo Electronics. So you don’t have to feel disappointed. I’m going to make Jungwoo Electronics the world’s best semiconductor company.”

“Is that even possible?”

I answered confidently to Kim Hak-gwon’s doubtful expression.

“Of course. That’s my plan.”

* * *

Eva arrived at the agreed location to meet Toda Katsuuki from Nomura Securities.

As soon as Eva entered through the sliding door, Toda Katsuuki jumped to his feet.

“Representative Eva, it’s been a while.”

Seeing his fawning face, Eva greeted him with a bright smile.

“It’s been a while.”

“I heard you entered Japan and contacted you immediately, but it’s been quite hard to see you.”

“I’ve been busy. Please, have a seat.”

“Yes, Representative.”

Toda Katsuuki, sitting before Eva, was a promising candidate for the next president of Nomura Securities.

His face, normally full of confident smiles, now appeared anxious.

“When do you plan to settle the contract we have with you?”

Toda Katsuuki was in a hurry. Because of the contract with this woman before him, Nomura Securities was facing astronomical losses.

“I’m not planning to settle it yet. Why would I? Do you have any idea how much we’ve lost because of this contract? Back then, you treated me like a fool, and now you want me to settle?”

“Well…”

At her sharp words, Toda Katsuuki fell silent. When Eva first approached Nomura Securities, she was outright rejected for a contract.

However, Toda Katsuuki, then the executive director of Nomura Securities, thought differently.

Having thoroughly reviewed it with his management team and believing it was a winning proposition, he convinced the executive team to sign a forward contract on the Nasdaq index and specific stocks.

Unlike the futures contracts traded on exchanges, the forward contracts negotiated privately without limits.

“You were fine when you were pocketing a hundred million dollars every month; why are you so anxious now?”

Toda Katsuuki, like a dumb guy who had swallowed honey, was left speechless.

Seeing that, Eva, with a bright smile, continued speaking.

“We haven’t even started properly yet. You aren’t still seeing me as a fool, are you?”

Under her sly words, Toda Katsuuki’s face hardened. If this continued, not only would he lose his position as president, but it was only a matter of time before his future was ruined.

“We’ve already incurred too great a loss. We could actually go bankrupt. If that happens, it could be hard to collect our money.”

Eva wiped the smile off her face. Her expression turned icy in an instant, and a similarly cold remark followed.

“You are underestimating me. I already understand Nomura Securities’ payment capability.”

“We too have suffered great losses in this stock market crash. But now, with your contract…”

Eva cut him off with a scoff.

“You accepted it, didn’t you? I didn’t force you to sign the contract.”

As she said, it was Toda Katsuuki who convinced the worried executives to proceed with the contract. Staring at the ground, he was met with Eva’s words.

“And concurrently, due to that, you introduced us to the insurance companies and investment banks. Thanks to you, we’ve made a lot of money, so I owe you my gratitude.”

“…so please save us.”

“Let me ask you the opposite. If the situation were reversed, what would you have done?”

If there was a winner in this war without gunfire, there had to be a loser.

Unlike futures trading, where exchanges and clearing houses exist separately, option trading is negotiated privately, leaving the entire clearing process up to the parties involved.

“You would have pushed until Peregrine collapsed, wouldn’t you? Isn’t that right? We suffered big losses too, but we held out until the end.”

“If Nomura Securities collapses, the Japanese economy will crash as well. The fallout will hit the entire world.”

Eva chuckled. Her laughter was almost mocking, as if she were saying it had nothing to do with her.

“What does that have to do with us? It’s your country’s worry. Besides, you didn’t anticipate this, did you?”

“What are you talking about?”

“I mean, did you ever foresee such a crash happening in such a short period? That’s why you accepted this contract, right?”

The contracts Eva had with Japanese securities and insurance companies, including Nomura Securities, were nearly identical in content.

The greater the fall in the Nasdaq index, the more their payments to Eva snowballed.

“You won’t be able to escape it. Even if Nomura Securities goes bankrupt, that won’t change. Of course, the Japanese government won’t just let that happen.”

“…”

As Eva continued to speak, the color drained from Toda Katsuuki’s face.

With Eva grinning coldly in front of him, he found himself accepting the contract that made her seem like a devil.

Looking at her wristwatch, Eva stood up.

“I have other appointments, so I’ll take my leave now.”

“Representative!”

Toda Katsuuki stood up anxiously, calling out to Eva.

“When do you plan to settle?”

As Eva was about to leave, she turned back at Toda Katsuuki’s question.

“Isn’t that up to you?”

“How do we do that?”

“Well, you should figure that out. I want to know what I want and what you can do.”

Eva left behind an extremely vague answer just before she departed.

Toda Katsuuki stared blankly at the door Eva exited.

Standing there in a daze, he spoke to the empty air.

“She’s gone. Come in.”

A moment later, the door opened, and a man came in.

“You heard the entire conversation, right?”

The man nodded calmly.

“Information Officer, at this rate, Nomura Securities will truly go bankrupt.”

“Sit down for now.”

The man referred to as the information officer gestured as he took a seat.

Toda Katsuuki quickly followed suit.

“Eva Zhu, the representative of Future Investment and investor who owns Peregrine in Hong Kong, is somehow connected with Kim Mu-hyeok from Korea…”

Muttering to himself, the information officer questioned Toda Katsuuki.

“This is a case the Cabinet Investigative Office is paying attention to. How did things get so out of hand?”

“…I’m sorry.”

Toda Katsuuki bowed his head under the information officer’s placid reprimand.

“It’s not been long since we were hunted by the Wall Street wolves. Are you really thinking of making Japan kneel before foreign capital again?”

“…No one predicted this would happen. It’s not our fault.”

Raising his head, Toda Katsuuki spoke confidently.

“And it’s not important to assign blame right now. You know well what will happen if Nomura Securities collapses, right?”

“What does that have to do with…”

The information officer glared at Toda Katsuuki in disbelief. But from there, a remarkably brazen comment emerged.

“The Cabinet has to intervene.”

“Are you out of your mind? You want us to clean up your mess?”

“There’s no other way. Doesn’t the Cabinet Information Examination Office already know what they want? Please engage in negotiations with them.”

“Damn it!”

Kim Mu-hyeok’s trap was meticulosly laid.

The sweet trap began to choke the Japanese cabinet.