Afternoon sun entered White Rose Hall through the floor-to-ceiling windows, casting rectangular patterns on the parquet floor. The air contained the scent of Darjeeling and warm butter from fresh scones.
This was the Rose Society's temporary clubroom, a group Satsuki had established during middle school at Seika Academy.
She was now in high school. The Rose Society no longer existed formally, but the group continued as an unofficial network. Due to the Saionji name, the school had allocated this sunlit lounge for their after-school use.
Most middle-school members had advanced with her. A few had transferred due to family circumstances. The remaining members were present.
Crystal chandeliers reflected light onto the deep blue hems of uniform skirts.
Satsuki sat at the head of the table near the window with a bone-china teacup that had a gilded rim. Her hair was down, black and smooth over her shoulders. Her posture conveyed aristocratic ease.
Beside her, Amy was deciding how many sugar cubes to add to her tea as part of her diet.
"Saionji-san, I heard something recently," Ezaki Mariko said from across the round table. She leaned forward and lowered her voice.
Mariko's uniform conformed to regulation today. Her skirt was the standard length, and she wore a plain watch. She was attempting to present an old-money appearance.
Since she had given Satsuki the pink diamond previously, she had gained admission to the group. Now she needed to demonstrate her value.
"What did you hear, Ezaki-san?" Satsuki set her cup down and looked at her.
Mariko glanced around. The door was closed. She removed a thick manila envelope from a concealed pocket in her schoolbag.
She slid it toward Satsuki with care.
"This is a letter of intent for pre-IPO subscription in Apex Media, a subsidiary of my father's company."
Mariko's voice contained poorly concealed pride and ambition.
"As you know, my father's Apex Group began in human resources and information services. Our job magazines, 'B-ing' and 'Travail', currently dominate Tokyo's employment market."
She tapped the envelope. "This represents the value of information. The company will list on the TSE Second Section this autumn, in three months. We control Japan's largest talent database and information network. Market expectations are that the price will triple on listing, at minimum."
The room became quiet.
Even high-school students with limited financial knowledge understood the significance of pre-IPO shares in 1988. Apex Group was Japan's fastest-growing information conglomerate, with a monopoly in human resources and expansion into telecommunications and networks.
The shares represented substantial potential profit and access to luxury goods and travel.
Several girls at the table showed visible interest. Their allowances were large, but insufficient for their expenditures.
Mariko observed their reactions and looked at Satsuki expectantly.
"Saionji-san, I reserved this special allotment for you. It is not large, only two thousand shares. A token of my father's regard. Please accept it."
The offer functioned as both a gift and a test of loyalty.
Accepting it would link Saionji interests to Apex Group.
Amy adjusted her glasses. She had observed real technology companies in Silicon Valley. Cisco produced hardware that connected networks. Adobe produced software that manipulated data. Compared to those, a company that resold resumes and managed capital transactions lacked technical substance.
She considered the offer typical of scams: if something appears free, the recipient is usually the product.
She looked at Satsuki.
Satsuki did not move. She examined the envelope and traced the rim of her teacup with her finger.
1988. Pre-IPO. A human resources conglomerate.
The details matched her knowledge of the coming Recruit Scandal, which would implicate cabinet ministers and party officials.
This was a form of bribery more discreet than cash. Pre-IPO shares of Apex Media were distributed to designated power holders. During the bubble era, with the Nikkei approaching 30,000, the shares would appreciate substantially upon listing.
No cash changed hands directly. Recipients could sell post-IPO and deposit billions of yen legally. Officials in Nagatacho, bureaucrats in Kasumigaseki, and media executives in Otemachi were all implicated.
Now the proposal had reached her.
"Ezaki-san," Satsuki said, breaking the silence. Her tone conveyed regret.
"I appreciate the consideration. However, my father has recently enforced stricter financial discipline within the family. He instructed me to avoid high-risk investments, particularly in information service firms. Given our group's restructuring, we must avoid any appearance of impropriety."
"But this isn't risky. It's guaranteed profit. We are a legitimate industry, Japan's largest job network," Mariko said quickly.
"I understand," Satsuki interrupted. Her smile was polite. "But family rules are absolute. For jewelry or art, my father might overlook a purchase. For stocks, I cannot disobey."
Mariko's expression changed.
Her offer had been rejected. She was concerned about her standing in the group.
The short-haired girl to Satsuki's left set her cup down.
Yoshino Ayako was the daughter of the Mitsui Bank Shinjuku branch manager.
"Since Saionji-san declines, I will also pass," Ayako said, glancing at the envelope. "My father has emphasized compliance recently. Pre-IPO shares are sensitive."
On the other side, Isokawa Reiko shook her head slightly. She was the granddaughter of an LDP Takeshita faction official. She was typically direct but had learned discretion in this group.
"I heard my grandfather mention that investigations are increasing," Reiko said, holding a cookie without eating it. "If Satsuki-chan isn't participating, I cannot either."
Ayako and Reiko were Satsuki's core selections from middle school. They did not have deep business expertise, but they understood that following Saionji Satsuki ensured safety.
If Saionji rejected something that appeared profitable, it likely contained risk.
Mariko began to panic. She had not anticipated rejection.
"However," Satsuki said, changing her tone.
She looked past Mariko to the other girls in the room who were pretending to read but listening intently.
These were newer, peripheral Rose Society members. Daughters of nouveau riche or minor bureaucratic families.
Their expressions showed clear interest. During the bubble, many could not refuse offers of easy wealth.
"Although we cannot participate, this is Ezaki-san's gesture," Satsuki said. She picked up the teapot and poured hot tea into Mariko's empty cup with composure. "We are all Rose Society members. Since it is a benefit, we should ask if others are interested. Sharing opportunities aligns with the Society's purpose."
Mariko paused, then became elated.
Saionji Satsuki had not accepted the shares, but she had permitted and encouraged distribution.
This meant Mariko could build her own network within this circle using financial interests.
"Of course," Mariko said, her voice shaking with excitement. She opened the envelope and removed a stack of letters of intent. "Everyone, if you're interested, please look. This is a rare opportunity. We're building Japan's information superhighway."
"Really? Ezaki-san, can I buy too?"
"I want five hundred shares. I need a new schoolbag."
"Me too. My father says information stocks are rising."
The quiet clubroom became noisy. Girls abandoned their restraint and crowded around Mariko to complete subscription forms. Mariko was at the center, flushed and energetic.
Meanwhile, Satsuki's area remained quiet.
Girls who did not subscribe held their teacups and moved closer to Satsuki.
Yoshino Ayako leaned back, creating distance from the commotion. Isokawa Reiko focused on a book, ignoring the activity.
Amy observed the scene and set her cup down. The base contacted the saucer audibly.
"Have they lost their judgment?" Amy whispered to Satsuki. "If risk-free deals existed, why wouldn't the Ezaki family retain all the shares? This resembles scam emails. No skepticism?"
"Greed impairs judgment," Satsuki said. She broke a scone and spread strawberry jam on it. "Amy, in this environment, offers that appear free carry the highest cost."
She ate the pastry. The red jam was visible at the corner of her mouth.
The families of the girls accepting shares would be implicated in the coming political scandal.
This was acceptable. The Rose Society had become too large recently.
This event would function as a purge. Satsuki preferred a small group of competent members over many unreliable ones.
Only those who maintained judgment in the face of temptation were suitable for her core group.
The others… Satsuki raised her teacup. From behind the rim, she observed the girls, their expressions animated with excitement in the afternoon sun.