Chapter 660: Profiteering
At ten o’clock in the morning, Inuyasha Kamiji appeared in the Chairman’s office, in front of Masayoshi Kishimoto, punctually and on time. The two of them sat face to face.
Inoue Ueniji didn’t beat around the bush, “Everything is in accordance with your previous instructions, I handpicked a number of relevant business capable personnel from within the Hard Gold Bank.
Nowadays, it is already fully assembled. Our special attack team is ready to head to Seoul, South Korea at any time.”
“Good. In a week’s time, you will depart from Tokyo to Seoul. You are not familiar with the situation in Seoul. At that time, I will have the secretary’s office notify the head of the Seoul office, Sato Hidetaka, in advance.
You will not tell him the real purpose of your trip, but will use it as a cover for a long-term study of the suitability of Seoul for the establishment of the first overseas branch of the Hard Gold Bank, the selection of a site for the establishment of a bank branch, and the work of the preparatory office.
As for your relevant specific office locations and residences, I will likewise have the secretary’s office inform Hidetaka Sato to handle them. Your mission is to short the entire Korean banking industry, as well as the credit card-related Korean stock market sector.” Masayoshi Kishimoto delivered slowly and methodically.
Inuyasha Kamiji said with a serious smile on his face, “Understood.”
“The reason why I made such a determination is the results of the multiple analyses that I personally returned from a visit to Seoul, South Korea.
In the late eighties and early nineties of the last century, when the Japanese economic bubble burst, there was an accompanying Japanese credit card storm.
This financial event should still be fresh in your mind!” On the one hand, Masayoshi Kishimoto knew in advance that this credit card crisis would erupt in South Korea in September this year, and on the other hand, it was the result of his personal investigation.
In addition to listening to the various complaints and accusations of the card slaves on Korea’s underground radio stations, he also personally visited Korea’s bustling commercial districts, large department stores, restaurants, and so on.
He was able to find out the truth of the matter through the smallest details because Koreans are generally using credit cards. For Koreans, the use of credit cards has become an integral part of their daily lives.
But here’s the problem. It’s not unusual for an average person to have two or three credit cards. In Korea, it’s the people who don’t use credit cards that make others feel strange and abnormal.
Even if an ordinary person has three or five credit cards, it is still within a completely controllable range. Once there was a situation where an ordinary person had a dozen, or even twenty or thirty credit cards, that would be a big problem.
Kishimoto Masayoshi discovered through his own careful observation that there were a large number of credit cards inside the Korean’s purse. He roughly counted them, and they were generally more than five.
Some of them could not figure out which one of their credit cards still had a limit on it, and how much limit was left on it? Is that one credit card already maxed out and overdrawn?
The reason why this happens is that individuals have too many credit cards. When settling the bill, they either change more than one credit card to try, or they are not able to pay off with one credit card, but utilize more than one credit card to make a split settlement of the account.
In the few days that I took my subordinates to visit the streets of Korea, this image is not an exception, but many people are doing this.
Especially the young people who spend money in nightclubs, and even more so to the point of not caring, completely a look of today’s wine today drunk, tomorrow’s worries tomorrow.
As a matter of fact, Korea’s employment rate and real income have not improved much since the Asian financial turmoil in 1997.
Although the South Korean government used credit card overdrafts to stimulate domestic consumption, the data presented above look good, but not but a flash in the pan, but also in accordance with the original and the IMF (International Monetary Fund) signed an agreement to repay the loan plus interest and so on.
South Korea’s big cities such as Seoul, Pusan may not be too obvious, while its small cities are withering very obvious. Combined with their own previous life have seen the Korean movie “sea fog” will completely figure out the real bottom of South Korea at the moment is their own swollen face of the false fat.
In the movie of South Korea Yeosu City, located in the center of South Korea’s south coast, is the second largest city in South Korea’s Jeolla Province, under the jurisdiction of 1 Eup, 6 Myeon, 21 holes, with a population of 330,000 people, 95, 396 households, of which the number of civil servants 1,722 people. It has a total area of 497.53 square kilometers, with 23.3% of which is cultivated land and 63% is forested land.
The male lead, as a captain of a ship, was once in the limelight and is still remembered for being able to spend 2 million won a night inside a nightclub.
In Yeosu City, the best profession used to be the captains who went out to sea to fish. Nowadays, it’s not as good as it used to be, and some people have sold their boats to go out of town to make a living.
The main character comes home and sees his wife cheating on him with another man, and is scolded by his own wife, who says he is useless and can’t make his money back. In desperation, he also uses his fishing boat to start a business of transporting stowaways to Korea by sea for others.
There is a scene where a conflict breaks out between the crew and the stowaways. The crew is agitated and repeatedly tells the stowaways, “You know IMF? It’s making them almost without food. You’re not even compatriots, you’re totally here to steal your jobs and stuff like that.
Furthermore, Kishimoto notes that many Korean women are relying on their credit cards to support their dignity underneath the glamor and glitz of their lives.
As for a lot of Korean men, is the use of credit cards in the hands of pretentious. This situation is most common in nightclubs.
“The credit card swiping storm in Japan is nothing short of an ordeal for some people.” Inuyasha Kamiji mused for a long time, and the thoughts inside his head were back to the passing road.
“Some people lose money, then there will be someone to make money, is to be able to maintain a balance of money in and out. Japan’s credit card storm for a number of excessive use of credit cards for the general public is a disaster, but for some others is the gospel of big profits.”
Masayoshi Kishimoto knows that it was only in 2006 that the Japanese Supreme Court ruled that all interest in excess of the cap of the Interest Restriction Law was null and void, and that the amount of the loan could not exceed one-third of the borrower’s annual income.
At the same time, it was stipulated that the annual interest rate for loans up to 100,000 yen was capped at 20%, up to 1,000,000 yen was capped at 18%, and for loans over 1,000,000 yen, the annual interest rate was capped at 15%;
The entire portion of the previous excess interest was refunded to the borrower. Prior to this, there was a statute that capped the interest rate at 29.2% per annum, as long as the borrower agreed; so almost all consumer credit companies in Japan have an annual interest rate of 29.2%.
As of the effective date of this law on June 18, 2010, more than 60% of the nearly 4,000 registered consumer credit companies in Japan had not yet registered with the Credit Information Agency, and were therefore prohibited from granting new loans.
As you can see, the people and companies that made excessive profits from Japan’s credit card storm are making a lot of money. After 2006, the market share of consumer finance companies gradually decreased.
In 2010, Japan’s largest consumer finance company, Takeshi Fuji, declared bankruptcy. The era of usury and violent collections that it represented, which was prevalent in Japan, gradually came to an end.