"Did you just say… 80 yen?"
[That's right.]
Holding the receiver to his ear, Team 1 Leader Kim Jung-sik couldn't hide his shock.
Meanwhile, Seok-won's calm voice continued.
[The exchange rate is going to be extremely volatile today, but don't waver—hold your position no matter what. Do you understand?]
"Ah… Yes, Director."
As soon as Kim Jung-sik hung up, his colleague Song Jong-geun, who had been anxiously waiting beside him, rushed to ask.
"What did he say?"
It wasn't just Song Jong-geun—the entire team had turned their attention to Kim Jung-sik, waiting nervously.
Having barely slept, fatigue was written all over Kim's face. He let out a deep sigh, rubbing his hands over his face, before relaying the message.
"We hold until it hits 80 yen."
"Ugh…"
"Are you serious?"
Some let out groans, others sighed or scratched their heads in frustration.
With the yen's extreme volatility and their $15 million long position leveraged 3x, it was only natural to feel anxious.
"80 yen… That's 3 yen higher than now. Is that even possible?"
At Song's question, Kim Jung-sik, feeling increasingly tense, pulled out a cigarette, placed it between his lips, and lit it.
"I have no idea. But so far, everything has played out exactly as the Director predicted. Maybe this time will be no different."
"True. When we switched from short to long, I never imagined the yen would surge this much."
"That's what I'm saying."
Exhaling a thick cloud of white smoke, Kim continued.
"Worst case scenario, our average buy-in is at 105 yen. Even if the yen drops sharply, we're still in the profit zone."
"That's true."
Nodding, Song Jong-geun suddenly looked impressed.
"Back when we first took this long position, I was just hoping we wouldn't lose money. Now we're up more than 20%—unbelievable."
"Tell me about it. Every time I check our returns, I can't help but be amazed. That guy's investment sense is on another level, and he's still so young."
The rest of the team silently nodded in agreement.
Even so, Song Jong-geun couldn't help but click his tongue in mild regret.
"Even if the yen drops again, we're guaranteed to profit. But now that we're here, I can't help but wish we had squeezed out just a little more."
"I feel the same way."
Taking another deep drag from his cigarette, Kim turned to a staff member seated at a computer.
"What's the exchange rate now?"
Without hesitation, the employee checked the live ticker and reported back.
"It's risen slightly again—82.87 yen."
"Looks like they're really going broke today."
Kim Jung-sik tapped his cigarette lightly, deep in thought.
"Whatever happens, let's trust the Director's decision. Today will settle everything."
"Yes, sir!"
The team members responded in unison.
They were visibly exhausted from working since midnight, yet their eyes still burned with determination.
***
Nagatacho, Chiyoda City, Tokyo
Prime Minister's Office
Seated on the sofa in the Prime Minister's office, Suzuki Kota, Japan's Prime Minister, was flanked by Fujimoto Masaki, Minister of Finance, and Murata Takuya, Minister of Economy, Trade, and Industry.
Each had a full schedule, but after receiving reports of a crisis in the foreign exchange market, they had canceled all plans and rushed to monitor the unfolding situation.
The serious expressions on their faces, combined with the constant chain-smoking, had filled the office with thick clouds of smoke.
Even with the ventilation system running, it wasn't enough to clear the air.
A crystal ashtray on the table—freshly replaced by an aide just an hour ago—was already overflowing with cigarette butts.
Suzuki, his eyes glued to the terminal screen hastily set up in front of him, stubbed out his nearly burned-out cigarette in the ashtray.
Then, without hesitation, he pulled out another one, lit it, and exhaled a plume of white smoke as he leaned back.
Looking toward Finance Minister Fujimoto, Suzuki gritted his teeth in frustration.
"We've poured an insane amount of money into this today. So why the hell is the yen still rising?"
Fujimoto, essentially Japan's Treasury Secretary, responded with a strained expression.
"We're doing everything we can to defend the exchange rate, but the hedge funds buying up yen are simply too aggressive. We're being overpowered."
Suzuki's face twisted in anger at what he saw as a pathetic excuse.
"Are you telling me that Japan—Japan!—is being pushed around by a handful of speculators? Does that even make sense?"
Of course, it wasn't just "a handful of speculators."
The man orchestrating this attack was George Soros, a legendary Wall Street figure who had once brought the Bank of England to its knees and forced the British government to surrender.
His Quantum Fund, backed by JP Morgan, Goldman Sachs, and other financial titans, was now ruthlessly targeting Japan.
Fujimoto, his voice grim, laid out the brutal reality.
"As you know, the mastermind behind this attack is George Soros. And with financial giants like JP Morgan and Goldman Sachs funding his moves, this isn't just an assault on the yen—it's an attack on Japan itself."
"Damn those Yankee bastards!"
Suzuki slammed his fist down, his rage palpable.
Murata, the Minister of Economy, hesitated before cautiously suggesting,
"Perhaps we should call the White House and ask for assistance?"
Suzuki scowled.
"You think we haven't already?"
The look on Suzuki's face told Murata exactly how that conversation had gone.
"We asked them to rein in the attack, but they claimed that the U.S. government 'does not interfere in private financial investments.'"
"Hmm…"
"They control Wall Street through the Fed whenever it suits them, yet they expect us to believe this nonsense? Do they take us for fools?"
Suzuki gritted his teeth so hard it was almost audible, his fury boiling over.
"If the White House refuses to act, that means they've effectively decided to let this crisis run its course."
Murata, the Minister of Economy, spoke in a low, serious tone, his face clouded with worry.
Fujimoto, the Finance Minister sitting across from him, added gravely,
"Just like the car export dispute, the U.S. might be enjoying this situation, or worse, maybe secretly fueling it to keep us in check."
Suzuki, unable to hold back his frustration, muttered in response.
"Ugh…"
The more they talked, the bleaker the situation seemed. Suzuki felt trapped in an inescapable quagmire, his frustration growing by the second.
Suddenly, Suzuki, still holding his cigarette, glanced up at the terminal in front of him, his eyes widening in surprise.
The exchange rate, which had been hovering around the 82 yen mark, had suddenly surged and reached 81 yen within moments.
"What's going on?!"
Murata and Fujimoto both reacted in shock, staring at the screen in disbelief.
"What?!"
"This can't be happening!"
Just then, the office door knocked hurriedly, and the secretary rushed in.
"Governor Kajiwara urgently requests a call."
Still stunned by the rapid rise in the exchange rate, Suzuki waved his hand frantically, shouting,
"Get him on the line!"
"Yes, sir."
A few moments later, the phone rang beside the sofa. Suzuki immediately picked up the receiver and, without waiting for the caller to speak, demanded an explanation.
"Why is the exchange rate suddenly spiking?"
Through the phone, the voice of Governor Kajiwara was filled with clear signs of panic.
[I was just about to inform you. Hedge funds are selling large amounts of German marks in Tokyo's forex market while buying up yen.]
Suzuki's face twisted in confusion.
"What do you mean? Can you explain it more clearly?"
[We've been buying dollars to defend the yen exchange rate. However, following the Bundesbank's interest rate cut last week, the mark-dollar rate stabilized. The hedge funds took advantage of this and started selling marks to buy yen, circumventing our defense.]
"!"
[This has disrupted the balance between the mark and yen, causing the mark-to-yen rate to rise. As a chain reaction, the dollar, which is already weaker than the mark, has collapsed, pushing the yen even higher.]
The situation was complex, but in short, the interlinked forex markets had triggered a frenzied rise in the yen's value.
"Then why aren't we buying up dollars and marks to stop the yen from rising?!"
[I wish we could, but we don't have enough funds to handle all the buy orders.]
In other words, they were running out of money.
Suzuki's eyebrows shot up in disbelief.
"You mean to say, after I approved an additional $1 billion for forex defense this morning, you've already spent it all?"
[Yes, that's correct.]
Kajiwara's voice was filled with discomfort as he acknowledged the situation.
But it was Suzuki who was now in a state of shock and disbelief.
"How much money are these hedge funds pouring into this? You've already exhausted all the funds?"
Suzuki's expression was a mix of confusion and anger as he pressed the question. Kajiwara hesitated before carefully responding.
[Since the market opened, there have been over 3.4 billion dollars in yen-buying orders in Tokyo alone.]
"3.4 billion dollars?! How the hell could they…?"
Suzuki stood there, dumbfounded, holding the receiver as he struggled to process the sheer magnitude of the sum.
[We have less than $100 million left. I don't want to say this, but at this rate, breaking 80 yen is just a matter of time.]
With his mind racing, Suzuki grabbed the receiver tightly and shouted,
"That can't happen!"
[To prevent that, we need more money to buy dollars.]
"Hmm..."
Suzuki, trapped in a dilemma, muttered in frustration.
"I'll call back. Please wait a moment."
[Understood. But time is critical, so please respond as quickly as possible.]
"I will."
Suzuki set the receiver down.
Murata, who had been watching the conversation with concern, leaned forward and asked,
"What did he say?"
"Hedge funds are buying up yen with 3.4 billion dollars."
Both Murata and Fujimoto froze, swallowing nervously.
"3.4 billion? Where did they gather that much money?"
"Unbelievable."
Suzuki pressed his hand to his forehead and turned to Fujimoto.
"They're saying we've run out of funds for currency defense. How much more do you think we can use?"
Fujimoto, looking troubled, replied,
"Today alone—no, just this morning—we've already spent 2.1 billion dollars. Adding up everything we've spent on currency defense so far, it exceeds 20 billion dollars. If we tap into the foreign exchange reserves more, it could escalate into a currency crisis rather than just an exchange rate issue."
"Who doesn't know that?"
Suzuki's face twisted in frustration as he scowled.
"But does that mean we just sit by and watch the yen break 80?!"
Unable to answer, Fujimoto was silenced, but Murata stepped in to offer a solution.
"The Prime Minister is right. We must put out the fire in front of us first."
Murata understood, as much as Fujimoto did, that if the 80 yen mark was breached, it could trigger a nationwide panic, sending the entire Japanese economy into a crisis.
Fujimoto, his face reflecting his inner turmoil, seemed to struggle before speaking heavily.
"I think we can use another 1 billion—no, 1.5 billion dollars."
Suzuki, his face now reflecting urgency, nodded approvingly.
"Good. I understand."
"But any more than that would be truly impossible."
Fujimoto's expression became stern as he made the cut-off clear.
"The other side can't have unlimited pockets either. If we can hold on here, the momentum will slow down."
"I hope so..."
Despite Fujimoto's reassurance, his face remained clouded with worry.
Suzuki, ignoring his unease, immediately picked up the receiver and ordered his secretary,
"Get Governor Kajiwara on the line, now!"
As the USD/JPY exchange rate pushed past 80.99 yen, it seemed as though the 80-yen level could collapse at any moment. However, once the Bank of Japan, with Prime Minister Suzuki's approval, injected large-scale funds to buy dollars, the rate plunged downward again.
The exchange rate, which had once fallen back, began a fierce battle around the 81-yen mark, with neither side backing down, as if they were determined to see this fight through to the end.
[USD/JPY: 81.00] ↑
[USD/JPY: 80.99] ↓
[USD/JPY: 81.03] ↑
.
.
.
[USD/JPY: 81.01] ↓
[USD/JPY: 81.33] ↑
[USD/JPY: 81.49] ↑
As time passed, it seemed that Soros's hedge fund forces, which had exerted too much power in the early stages, were slowly losing momentum, albeit slightly.
Seok-won, who had been watching the exchange rate fluctuations on the monitor, lightly tapped his fingertips on the desk while leaning back in his chair.
"The Bank of Japan is holding out better than expected."
There's a saying that battles are won by sheer momentum.
Perhaps he was overthinking it, but a thought crossed his mind—if things went wrong, the Tokyo air raid might end in failure.
"That can't happen."
Resolving himself, Seok-won picked up the phone resting to his side.
The dial tone rang, and soon, Landon, who was monitoring the situation from New York, answered the call.
[Hello?]
"It's me."
Leaning back, Seok-won watched the tug-of-war on the monitor as the exchange rate fluctuated up and down.
"Buy 500 million dollars' worth of yen in the Tokyo foreign exchange market immediately."
[A full 500 million dollars?]
"Yes."
Landon, momentarily surprised, quickly realized that Seok-won was trying to bring this battle to a decisive close. His voice hardened as he responded.
[Understood.]
After setting the phone down, Seok-won picked up his teacup and leisurely took a sip of the coffee Na Seong-mi had prepared for him.
"When a scale is perfectly balanced, the moment a single drop of water is added to one side, the equilibrium shatters, and it tilts."
And it was Seok-won himself who intended to be that tipping point.