Translator: Dreamscribe
“Wow. A vacation? You, Departnt Head?”
“Is it really that surprising?”
“Yes. You almost never rest even on weekends. I thought you never took vacation days or annual leave.”
Maybe it’s only natural.
I like my work.
There’s nothing else that stimulates my dopamine like this.
Besides, it’s not just because of that that I don’t take holidays.
Didn’t I already rest enough during my ti unemployed?
“So where are you planning to go?”
“For now, I’ve decided on a family trip. I’m thinking of going to the U.S.”
“Oh~ the U.S. That’s nice.”
“Have you been there, Deputy Manager?”
“Of course. I’ve traveled there and visited famous investnt firms too. What about you, Departnt Head?”
“... it’ll be my first ti on a plane.”
“What?!”
Lee Hye-rin looked at with great curiosity.
“No way. I never thought I’d et a plane newbie in real life!”
“Plane newbie...?”
“Departnt Head. You do know how to board a plane, right? You absolutely have to take off your shoes, and you must wear a suit!”
“Oh. Really? Thanks for the tip. Hold on. I’d better write that down in my notebook.”
Then Lee Hye-rin, flustered, tried to stop .
“No. W-wait, are you seriously believing that?”
“Of course I know you’re joking.”
“Jeez. You really startled .”
Ah. So you're not supposed to take off your shoes.
I really thought you had to.
Knock knock-
“Oh, yes. Co in.”
“Hm hm. Departnt Head. Sorry to interrupt your conversation.”
“Oh my. Please, go ahead. Ah, Departnt Head. For dinner tonight... shall we go to our usual place?”
“Sounds good.”
It’s not frequent, but from ti to ti when I have dinner with Lee Hye-rin, there’s a place we always go to.
It’s the udon restaurant where we made our first mory.
“......”
For so reason, the Manager looked at Lee Hye-rin with envious eyes, then handed a file.
“This is from the Research Departnt. It’s the Japanese market data you requested.”
I looked through the materials.
It was because, during the last conversation with my younger sister, I had a strong hunch about Japan.
“Japan is sticking to zero interest rates like the U.S., and there are even talks about going into negative interest rates.”
Japan was maintaining zero interest rates, just like the United States.
In particular, the current Pri Minister Abe was pushing stimulus asures and carrying out what’s called Abenomics.
Then why is Japan keeping its interest rates at zero?
The reason is simple.
There is nothing more left to develop.
In Korea, people try everything to borrow money and buy an apartnt, but in Japan, people don’t have the concept that you must go into debt just to buy a house.
Also, they don’t recklessly start businesses or think of taking out loans.
They simply accept their circumstances and live life as it flows.
Because of this, there’s no one borrowing money, no one trying to buy hos, so interest rates stay frozen, and real estate prices just keep falling.
It was the complete opposite of Korea.
In Korea, real estate prices inevitably rise, but in Japan, if you buy a house, it’s guaranteed that the price will fall.
Because of this issue, people are even more reluctant to buy real estate.
“In Korea, there’s that endless societal pressure that everything must keep going up. Like, once you get married and have kids, you need to move into a bigger apartnt. Or you must go to a university in Seoul, or join a major corporation, and so on. Compared to that, Japan is, how should I say this... stagnant. There’s no pressure that you must go higher.”
It was the difference in social perspective between Korea and Japan.
The positive side of constantly striving for greater heights and better developnt is undeniable, but that doesn’t an it’s always good.
That endless high-level competition cos with extre stress.
Korea’s ever-increasing suicide rate was a side effect of that societal mindset.
“......”
I scanned through the recomnded Japanese stocks.
The Research Departnt is currently not recomnding investnt in Japan.
Even Japanese companies themselves are reluctant to invest in their own country right now.
Why else would the term yen carry trade have erged?
Borrowing yen and investing it overseas, since Japan currently has zero interest rates, there’s virtually no interest even when you borrow money.
Taking advantage of that benefit, people borrow money in Japan and spread it into overseas investnt markets.
‘Nothing’s really clicking with yet.’
However, I couldn’t forget that feeling I had while talking with my younger sister, as if the entire world was shaking.
As I continued scrolling down the list.
“......?”
My eyes stopped at one particular entry.
‘Jintetsu Group?’
Looking into the company’s information, I found that it was a well-known railway company in Japan.
It was making money through railways, real estate, and overseas investnts.
The na alone says it all.
Translated into Korean, it literally ans “Fast Railway”.
“Ah. Jintetsu is famous in the railway sector. But you do know this, right? The Japanese railway market is completely dominated by the JT Group. That’s why Jintetsu couldn’t focus solely on railways and had to branch out into other areas. They also have the tallest building in Japan, Osaka Harukas.”
But why was this feeling slowly rising up inside ?
Though the intensity wasn’t high yet, the deeper I dug into the company’s information, the closer I felt I was getting.
To use a ga analogy, it felt like when you’re nearing the item you’re looking for, the screen effects or user feedback gets stronger and stronger.
I requested additional information on Jintetsu Group from the Research Departnt and looked into it more deeply.
“......!”
And at last, I discovered a section that pierced my mind like a bullet.
‘Corporate bonds issued by Jintetsu Group?’
Bonds.
It’s not just countries that issue bonds.
Companies issue bonds too.
It’s a ans of quickly raising capital, and just like many conglorates in Korea, Jintetsu also utilized this thod effectively to secure funds.
But that part sent a strong current-like feeling through , triggering sothing.
‘But bonds? And Japanese bonds at that, with such low interest rates?’
When you buy corporate bonds, you receive a certain interest rate.
Typically, interest paynts are made every three months based on the rate, but in Japan, where rates are extrely low, the interest isn’t very high.
“.......”
Then why was I being drawn to this?
Thinking that, I turned to the next page.
And again, my gaze stopped.
[Jintetsu Group’s Kumamoto Project]
***
“So, did you find out? Who is it?”
“I don’t think we can identify them clearly. These bastards have scattered money through brokers all over the place and set up their positions very systematically.”
The CEO of Kangseong Securities, who had once confidently said he’d find out who dared to short Kangseong Electronics, now wore a troubled expression.
“Then we can’t catch them?”
“It’ll be hard to find hard evidence, but we do have suspicions.”
“Suspicions?”
“Yes. During the Dieselgate incident caused by Stummwagen, the market was hit in exactly the sa way. Many are guessing it’s the sa force again. Then recently, through the released quarterly earnings of securities firms, one suspicious na popped up.”
“Who is it?”
“It’s Kwangwoon Securities, Chairman. Their recently released quarterly performance is completely absurd. They raked in an enormous amount of profit. That’s why there’s heavy speculation that they’re the ones who looted Germany.”
Kwangwoon.
Them again?
The shaless bastards who robbed Kangseong Group of 2 trillion won and swallowed LK Tower!
And now, on top of that, they’re toying with Kangseong Electronics’ stock price?
His head was starting to heat up.
“But Chairman, there’s a rumor going around the market right now.”
“Rumor? What rumor now?”
“You know how we leaked information that a hostile force took a massive short position on Kangseong Electronics, right?”
Because of that, hunters from all directions had sward in.
And all of them were cut down without even getting the chance to swing their swords.
“There’s a rumor going around that our Kangseong Group and an unidentified force joined hands to set a trap and clean out the hunters.”
“W-what did you say?”
What kind of nonsense is that!
“Are you saying we intentionally caused the battery explosion?!”
“So say we knew in advance there was a problem with the battery, and others actually believe we set it off on purpose. You know how it is, any ti a major incident breaks out, conspiracy theories always follow. Especially this ti, with the hunters losing a ridiculous amount of money, they probably just wanted soone to bla, conspiracy or not.”
When he put it that way, it made sense.
If Chairman Kang Sung-ho were in their position, he would’ve also thought soone had stabbed him in the back.
“But it turns out Jintetsu Group was involved in this recent hunting ga.”
“Jintetsu?”
“You know, the company that built the Osaka Harukas building.”
“Ah, that one.”
Osaka Harukas.
At 300 ters tall, it’s the tallest building in Japan.
Seeing Jintetsu construct such a massive building inspired LK Group to build what is now LK Tower.
“Jintetsu Group was completely overtaken by the JT Group in the railway business, so they expanded into real estate, hotels, and distribution. But since Japanese real estate doesn’t appreciate like in Korea, they started focusing heavily on yen carry trades. They go to wherever sothing is heating up, make a quick buck, and get out.”
“And this ti that target was Kangseong Electronics?”
“Yes. They joined the hunters to drive the stock price down, but when it crashed too hard, they panicked and dumped everything. They took quite a loss from it, too.”
“I see who spread this ridiculous conspiracy theory. Sly bastards.”
“Yes. Jintetsu’s probably furious as well.”
But he didn’t understand the implication of this conversation.
So what if Jintetsu took a hit? What did that have to do with them?
“This ti, Kwangwoon Securities sent a request to our asset managent firm.”
“Kwangwoon did?”
“Yes. They requested us to sell off all the short-term corporate bonds we hold from Jintetsu.”
“......?”
Kangseong Group’s main source of inco is Kangseong Electronics.
But there’s also a lucrative arm, Kangseong Asset Managent.
It’s a massive financial firm managing a whopping 200 trillion won.
Of course, that 200 trillion isn’t their money; it’s client funds.
They can’t treat it recklessly, but even the commissions alone amount to several hundred billion won.
There’s a reason financial firms are called cash cows.
And now they were asking them to sell off corporate bonds they held?
Japanese corporate bonds, at that?
“Each fund has its own nature, and Japanese corporate bonds, though low-risk, don’t offer attractive yields. That’s why Korean investors don’t really prefer them.”
“So they don’t sell well?”
“They used to, but with Abenomics continuing, no one wants to buy them anymore. I heard from the fund managers that they were planning to offload them gradually anyway.”
It ant they were essentially bad stock, dead weight.
And now Kwangwoon Securities was offering to take all that bad stock off our hands.
If it were any other securities firm, we’d be telling them to sell quickly, but the issue was- this was Kwangwoon.
“How much in short-term corporate bonds did Jintetsu issue?”
“Five trillion won.”
“That’s more than I thought.”
“Yes. They spent a ton on building the tower, and above all, they’ve got a major project underway in the Kumamoto region. With funds flowing into safe assets lately and the yen appreciating, Japanese companies doing yen carry trades have taken quite a hit. They must be in serious need of liquidity.”
Yen carry trading is a very effective investnt strategy, but if the yen rises, it causes losses.
Given the timing of everything, it was possible Jintetsu Group was struggling financially, but not to the point of drying up and dying like LK Group.
“Jintetsu isn’t in dire straits when it cos to capital. If this major project wraps up successfully, many predict they’ll rise once more.”
But Kwangwoon Securities was sweeping up those short-term bonds.
Why?
Could it be they think Jintetsu won’t be able to repay them?
That’s impossible.
If Jintetsu is short on funds, they can simply issue another bond to raise capital.
“For now, tell them not to sell the bonds. Just have them hold for a bit.”
“Ah, yes.”
“And… can you set up a eting with the CEO of Kwangwoon Securities?”
“You’re going to et him personally, Chairman?”
“Yes. Please arrange a eting.”
According to his younger sister, CEO Hwang is a bastard with a gentle-looking face.
Considering he scamd 2 trillion won out of them, that sounds about right.
But more than that, it was what she said next that stuck with him the most.
She said the departnt head who always stayed glued to Hwang was the most suspicious one.
***
“Hey. Are you sure this is okay?”
“You said it wasn’t a one-on-one eting, right?”
“Well, yeah, but-”
A eting was arranged with Kangseong Electronics.
And not just anyone, Chairman Kang Sung-ho himself.
Normally, I’d just wish him well and let him go, but during our conversation, I had a strong feeling.
Like a gut instinct that I shouldn’t let hyung go alone.
In the end, I accompanied him to the eting.
"They won't chase away saying a re departnt head ca along, will they?"
“Who knows? But if they do, I’ll walk out with you.”
"Wow. As expected of our guild master's loyalty."
“Of course. I wouldn’t just walk in and leave you outside. What’s our guild motto? Live together, die together.”
“Wasn’t it ‘a family-like guild’?”
“That’s the first one. This is the second.”
So hyung and I entered the Korean restaurant.
It seed they had rented out the entire place. Chairman Kang was seated alone.
“Nice to et you. I’m Hwang Dae-woon, CEO of Kwangwoon Securities.”
“I’m Jung Jin-ho, Departnt Head.”
“Ah, yes. I’m Kang Sung-ho.”
He had a gentle face, but his eyes were sharp.
And he was staring at with particular interest.
“So this is the guy.”
“Excuse ?”
“I heard from my younger sister. She said there’s a departnt head who’s always stuck next to CEO Hwang. She said he was the most suspicious?"
“Haha. Please understand. All major decisions at Kwangwoon Securities go through this friend's advice.”
Chairman Kang responded with a smile.
“Then I guess the one who decided to fleece our electronics division was this guy?”
“.......”
Hyung let out a dry cough.
“Ahem. I’m not sure what you’re referring to…”
"You don't need to hide it. I ca knowing everything. Ah, let’s sit down first. I ordered so light alcohol. You don’t mind a drink, do you?”
Chairman Kang smiled as he poured a drink, and I started thinking, maybe I shouldn’t have co.
I suddenly felt so tense that my face and body stiffened up.
“I’m not here to bla anyone. But still, after you already took 2 trillion won from us, to pull sothing like that again… that’s a bit much, don’t you think?”
“Well… I’d say it was good coordination. Thanks to the rumors Kangseong spread about crushing us, all the hunters gathered nicely. Haha.”
But hyung didn’t back down and responded coolly.
“Coordination? We didn’t gain anything from it. We’re just being blad for setting up a trap and backstabbing everyone.”
“Oh, I’m fully aware. I know you guys cashed out your holdings when the hunters were pumping the stock and made a nice profit.”
“That’s a dangerous thing to say. What if the Financial Supervisory Service hears that?”
“Whoops. My bad. It just slipped out. Haha. But thankfully, the stock price is recovering, isn’t it? Thanks to your quick decision-making, Chairman.”
A subtle power struggle was unfolding.
And I, stuck in the middle, quietly sipped my drink.
“You’re Departnt Head Jung Jin-ho, right?”
“Ah, yes.”
I nearly choked on the drink I was sipping.
“How are you so good at investing? If the CEO trusts you this much, your skills must be incredible? Am I right, CEO?”
“Oh please, no need for words. Jin-ho’s investnt skills are unmatched, not just in Korea, but even globally.”
“That last earnings surprise was insane, too. From what I’ve heard, sounds like it was all thanks to him. So, what’s your secret?”
Secret.
There wasn’t any kind of complex technical analysis or anything like that.
“Well… it’s hard to say.”
“What, you have your own algorithm or sothing? Then let ask you sothing else. Departnt Head Jung, do you want to see Korean companies collapse?”
Wanting to see Korean companies collapse?
Absolutely not.
“No. On the contrary, I want Korean companies to succeed more than any others.”
“Soone like that… never mind.”
He looked like he had more to say, but he didn’t press further.
“Actually, there’s sothing I really wanted to ask today. What’s going on with the Jintetsu Group bonds?”
As expected, he already knew about the request sent to Kangseong Asset Managent.
“Well…”
“Is that hard to talk about too? You know our asset managent firm is holding those bonds, right? They won’t sell unless I give the call.”
“Then we’ll try to secure them from sowhere else.”
“Haha. Bold one, aren’t you? Fine. I’ll hand those over without fuss. But answer this one thing, are those bonds worth holding?”
I paused for a mont.
I don’t even know why these bonds are good.
But my gut instinct is telling to buy them.
“Yes.”
That was the only answer I could give.
He’s not going to change his mind now, is he?
“Understood. I’ll tell them to hand over the bonds as requested. Ah, we’ve just been talking and let the food get cold. Shall we eat?”
Thankfully, it looked like the bonds would be safely handed over to our side.
The problem was, after that, both Chairman Kang and hyung were eating in silence, lost in their own thoughts.
I’m seriously going to get indigestion.
***
“.......”
Chairman Kang sat in thought after the two left.
Just like his sister said, CEO Hwang did have a very warm and approachable face.
But the most striking impression ca from Jung Jin-ho.
While Hwang Dae-woon tried to act cheerful to hide any sign of nervousness, Jung Jin-ho maintained a complete poker face the entire ti.
You couldn’t read what he was thinking, or what emotions he was feeling.
‘And he had the audacity to say he hopes Korean companies do well.’
And that guy took a massive short position on Kangseong Electronics?
But in the end, Kangseong Electronics benefited too.
Just as Hwang said, they had sold off a portion of their shares when the price was at its peak and secured so liquidity.
“Chairman, just say the word, and we’ll move in imdiately.”
In truth, Chairman Kang had t with CEO Hwang today for one reason: to see for himself what kind of bastard dared to toy with Kangseong Group.
And once the eting ended, his plan had been to crush Kwangwoon Securities completely.
He already had everything prepared, politicians, dia, all lined up.
When Kangseong moved, taking down a securities firm wasn’t difficult.
But now that the eting was over, his thoughts had shifted slightly.
“For now… let’s hold off.”
He couldn’t forget those eyes.
The look in Jung Jin-ho’s eyes the mont he said “yes”.
That level of conviction ant there had to be sothing there.
And this was the sa guy who shorted big before Kangseong Electronics even realized there was a battery issue, this crazy bastard spotted the flaw in advance.
Instead of anger, it oddly left him with a sense of trust.
“Once Kwangwoon finishes acquiring all the bonds, find out what other funds are holding Jintetsu bonds. Secure as many as you can. And bring all the information on Jintetsu Group.”
Suddenly, a thought ca to him.
If the other side had an analysis ability so unbelievable it was almost like seeing the future…
Should soone like that really be treated as an enemy?
Wouldn’t it be better to have him as a powerful ally instead?
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