As each day passed, Japan's stock market plunged further.
Because of that, the Japanese financial firms that had contracts with us were desperate to reach an early settlement — practically clinging to President Han's trouser leg.
It was an easy negotiation. They had no choice but to accept most of our terms.
So, less than two weeks later, President Han wrapped up all the talks and returned to Korea.
"I was going to say you've worked hard, but it looks like you've gained at least five kilos since before your trip to Japan."
"What could I do? The heads of the financial firms insisted on dining together every single day. Refusing to eat would've been rude, so I had no choice but to pick up my chopsticks. The weight gain was inevitable."
The negotiations involved sums in the tens of billions of dollars.
So if some expensive meals helped smooth things over, it was a worthwhile investment — and President Han had clearly been treated well.
"You didn't get swept away by the fine dining and go easy on them, did you?"
"Of course not. Under the contract termination clause, we secured 30 billion dollars in cash — twice the amount we originally invested."
"So the cash isn't all, I take it? The way you said 'for now' suggests there's more."
President Han patted his rounded belly, as if to imply he hadn't just brought back good food in it.
"The cash alone is 30 billion dollars. If you add in the stocks, real estate, and various patents, it exceeds at least 50 billion."
"It'll take some time to liquidate the remaining assets, so for now we can say our immediate profit is double."
"The profits from short selling and our bet on the yen are still ongoing."
The yen had become an incredibly volatile currency.
As a result, countless speculative forces were pouring into the market.
"It seems the yen is starting to show signs of rising."
"We bought yen at its lowest point. Right after our purchase, the Japanese government began intervening in the foreign exchange market in coordination with the G7 nations."
Every country fears a sudden collapse in its currency's value.
And since the yen, while not a full-fledged reserve currency, was still considered a quasi-reserve currency, the Japanese government had no choice but to step in aggressively.
"For the time being, the yen will continue to strengthen. Once the Japanese funds overseas start flowing back home, its appreciation will become even steeper."
"Thanks to that, it looks like we're going to make quite a fortune. Between the short selling and the yen trades, our capital might reach as high as seventy billion dollars."
Turning thirty billion dollars into seventy billion.
Normally, that kind of return would be impossible in such a short span — but this time, humanity was facing one of the worst disasters in its history.
Of course, given the scale of the catastrophe, even that profit might seem modest.
Had we been a bit more aggressive, we could have earned far more.
But since this investment had been made under the Taewoo Group name, we had to observe certain limits.
"Not a bad profit. But it's strange — despite how much we've gained, the Japanese government and media have been unusually quiet. I expected at least some kind of commentary or complaint, but there's been nothing."
"I heard something while meeting with the heads of the Japanese financial firms. Apparently, the Japanese government intends to maintain complete silence until the end."
The Japanese government choosing silence?
It had been one of the scenarios we considered, but we hadn't really expected them to follow the one that suited us best.
"When a disaster strikes, most governments look for someone else to blame. Why are they staying quiet?"
"There are several complicated reasons. First of all, Taewoo Group predicted the earthquake before it happened and provided massive amounts of relief supplies and donations — that's the primary reason."
That explanation made sense.
Taewoo Group had ranked first in relief contributions.
The company alone had donated more aid money than Taiwan or even the United States, so the Japanese government had no choice but to take it into account.
"What's the second reason?"
"Governor Choi Jaeseok and the National Economy Party. When he evacuated Korean residents, he also helped evacuate Japanese citizens. In other words, a Korean politician did what the Japanese government and its politicians should have done."
"That must be quite an embarrassment for the Japanese government if it becomes public knowledge."
"Exactly. That's why they've chosen to remain silent. The media has been ordered not to mention anything about Taewoo Group's relief supplies or donations, and even discussing the National Economy Party has become taboo."
I could understand the Japanese government's choice.
They had no other option but to keep quiet in order to conceal their own disgrace.
"So in exchange for keeping quiet about the relief donations, they're also agreeing to keep silent about the money we made from this disaster."
"That's right. From our perspective, it's a very profitable trade. We spent two hundred million dollars on relief aid, but earned over seventy billion dollars in return."
"Things went smoothly thanks to Governor Choi Jaeseok."
Relief supplies and donations alone wouldn't have been enough.
It was because Governor Choi personally led lawmakers and participated in relief operations that the Japanese government could choose silence.
"True, Governor Choi played a big part, but the fact that we knew where to draw the line was just as important. If we'd been too greedy, the Japanese government probably wouldn't have stayed quiet."
"You've got the order wrong. We held back because the Japanese government stayed quiet. If they had launched a smear campaign first, we would've squeezed them for more than a trillion dollars, not just seven hundred billion."
"Now that you mention it, that's true. I'm not sure if I should feel satisfied that we protected Taewoo Group's image with a seventy-billion-dollar profit, or disappointed that we missed out on the extra three hundred billion."
It was a bit frustrating not to have made more profit.
But preserving Taewoo Group's reputation was far from a bad outcome.
Doubling our capital alone meant we'd already achieved our intended goal.
"Don't be too disappointed. The main event hasn't even started yet."
"When you say 'main event,' do you mean Europe? I've already heard from the Quantum Fund that Europe's fiscal situation has started to look increasingly unstable."
"The Great East Japan Earthquake triggered a chain reaction. The wounds hastily stitched together after the Lehman crisis are starting to reopen. Soon enough, Europe won't just be bleeding—it'll be drenched in blood."
There were many factors behind the coming European debt crisis.
But one of them was the massive flow of Japanese capital returning home.
Had the earthquake not struck Japan, Europe might have survived another year or two—barely.
"We're planning to use the funds obtained from the Japanese financial institutions to begin preliminary operations in Greece and Southern Europe."
"The plan will need to be adjusted considerably. The amount of capital being injected is far greater than initially projected."
If all the profits from Japan were funneled into the European project,
it would add an extra seventy billion dollars beyond the original plan.
The scale of the operation would need to expand just to absorb that much capital.
"I already heard from the Quantum Fund. The broad strategy won't change, but we've made a verbal agreement to intervene more deeply in Europe's economy."
"And one more thing — pay attention to this. Greece is well-known for its shipping industry, correct?"
"The top shipping nation in the world is Greece. Shipping accounts for over 7% of Greece's GDP. Of course, if you rank by individual shipping companies, none of the Greek firms are in the top ten. But if you total the number of ships owned by Greek shipowners, Greece easily comes out on top."
Greece — a maritime nation by geography.
It was a country where shipping naturally flourished.
"I want to secure some decent vessels in this opportunity."
"Are the ships from Hyunjin Shipping insufficient?"
"The number of ships we can secure under our contract with Hyunjin Shipping is quite limited. Hyunjin itself leases vessels from shipowners to operate, so our access is restricted."
South Korea is a peninsula, surrounded on three sides by the sea.
And as an export-oriented conglomerate, Taewoo Group relied heavily on shipping.
Hyunjin Shipping, ranked among the world's top five shipping companies, was still stable now.
But in a few years, it was destined to collapse.
That would ultimately benefit Japan, China, and Taiwan.
They would absorb the cargo formerly handled by the bankrupt Hyunjin Shipping.
South Korea did have other shipping companies,
but their scale was small compared to Hyunjin.
Eventually, Taewoo Group might be forced to rely entirely on foreign shipping companies for exports.
"So you mean a shipping company is essential for Taewoo Group's growth?"
"Yes. Even if we take on some losses, we need a shipping company capable of handling Taewoo Group's export volume."
"Understood. Then we'll make sure to acquire not only vessels but also other facilities in this opportunity. And we'll also approach Japanese shipping companies."
"So the negotiations with the Japanese financial firms include stakes in Japanese shipping companies as well?"
President Han smirked.
He pulled out the documents extracted from the financial institutions.
"The Japanese financial institutions handed over real estate and various tangible assets instead of cash. Among them were shipping vessels, and equity stakes in Japanese shipping companies."
"I never considered the Japanese shipping companies — this is an unexpected win."
"We'll work with the Japanese shipping firms and carry out the transfer of vessel ownership into Taewoo Group's name."
"All we need to do is become the shipowner. During the downturn, let the Japanese shipping companies operate the vessels."
Taewoo Group did not yet have an affiliate that could operate shipping vessels directly.
As a temporary measure, Taewoo Trading could operate them, but proper management would require the expertise and technology of an established shipping company.
So there was no urgent need to physically take possession of the vessels now.
Merely transferring the legal ownership to Taewoo Group would be sufficient.
"We still have room in the European project, so we'll wrap up matters in Japan and then move on to Europe. The Quantum Fund is leading the preparatory work, so I also have some breathing room."
"The Quantum Fund are the experts at these things — trust them and leave it to them."
Only half a year remained before the European debt crisis fully erupted.
In that time we needed to penetrate deeply into Europe, and the Quantum Fund agreed to take on that role.
We only have to harvest the gains through the openings the Quantum Fund creates.
As spring of 2011 drew to a close,
I met with Governor Choi Jaeseok at a quiet restaurant in Gyeonggi Province, at his request.
"Governor, it's been a while. It's an honor to meet the hero who saved our compatriots," I said.
"You flatter me. I merely did what needed to be done, but the media has overhyped it excessively," Governor Choi replied, brushing his hair back.
Though his expression and tone conveyed genuine embarrassment, he was in fact the person who had most hoped for events to unfold this way.
"I saw that you're leading the polls for the next national leader. You're ahead of the second place by a full fifteen percent."
"I'm embarrassed," he said modestly.
"Isn't it time to start preparing for your next move? Public opinion is clearly on your side, and failing to act could be seen as a kind of betrayal."
"I'll make my decision after one final test," Governor Choi responded.
He seemed more resolute than before.
And I knew exactly what he meant by that "final test."
"The ruling party is planning a vote on free school meals," I explained.
"It looks like a resident vote on the matter will be held by August at the latest."
A showdown for the position of Mayor of Seoul.
Even if one stakes everything, victory is never guaranteed.
And the upcoming resident vote had the potential to drastically reshape the political landscape of South Korea.