Chapter 537, Central Bank Independence, Financial Supervisory Office Establishment: A More Violent Tempest(1/3)
Because of Tao Zhiming in this world, although the general trend has not changed, the rhythm has obviously changed.
At least that's the case in neon.
After Ogami was arrested, the investigation spread to many banks and private financial clubs in Kansai.
A secret investigation team was dispatched before, but now the first major case in the financial system is pointing to the financial system in Kansai. This sign is intriguing.
After the Seibu Holdings scandal, Kansai Film and Television City and Kagura Town were also at the forefront of the storm.
Tao Zhiming didn't care about all the matters related to the big plan for the time being.
Ryunosuke Iwasaki, Nobuhiko Horikawa, Jinpachi Takagi, Yoshiaki Tsutsumi, Jiacheng Li, Mitsui, Sumitomo, so many people whose interests are closely related to this big plan, Tao Zhiming's most important task has been completed more than half.
This interest rate meeting between the Ministry of Finance and Neon Bank will discuss interest rate cuts.
Since the interest rate hikes from 1989 to 1990, Neon's stock market has collapsed, and now real estate is also collapsing.
But reality is always so ironic.
Tao Zhiming heard some people who were not in the core information circle express concerns: "The bubble is dissipating, and the drop in real estate prices has made a small number of people who bought houses in the past two or three years dissatisfied. In fact, the majority of the people are dissatisfied."
We support the continuation of the tightening policy. If we consider starting to cut interest rates now..."
"The public only saw the economic data released after several months of calculation, and thought that the ability to maintain a growth rate of 5.2% last year was the power of tightening policies. But the situation is different now. The stock market has fallen to this level, and real estate has
The market has also shrunk a lot, and there are loud calls for 'bubble economy to rekindle'!"
These people are right.
Until now, San Chong Ye Fu is both a hero and a devil among the people.
Regarding the bottom position of the stock market, at the current 10,000 points, isn't it already back to before the Plaza Accord was signed?
In the current Neon situation, people who profited from speculation and were overleveraged and did not get out in time were so painful that they wanted to commit suicide; and those who had not caught the express train of the bubble economy before were eagerly looking forward to further declines in housing prices.
Reality is such a reality. For people like Jun Kaifu and Mie Nofu, it is never possible to please everyone at the same time.
"The results of the secret investigation of the financial system are shocking!" Mie Nofu's voice suddenly became louder. "Now, the situation has indeed changed! However, it is absolutely impossible to let the bubble economy reignite. Miyazawa-san, when will the Ministry of Finance start the secret investigation?
Are the results processed?”
Miyazawa Kiji looked at this "old rival". Now he has entered the role. Is he acting?
The result of the interest rate cut is certain, so what was promised to him should also be officially launched.
He thought for a while and said in a deep voice: "The first step in dealing with the results of the secret investigation is to carry out legal and institutional reforms."
Mie Yefu raised his eyebrows: "What exactly does it mean?"
"Commercial Law, Antitrust Law, Banking Law, Insurance Law, Securities Law... The most important thing is the establishment of the Financial Supervision Office with higher authority, and the independence issue of Neon Bank.
"
Everyone in the conference room suddenly raised their heads and looked at Miyazawa Kiji in astonishment.
"Mie Yemulang, please stand on the independent stance of the central bank's policy and give countermeasures to the current economic situation!"
Tao Zhiming watched with interest as the two of them teased and complimented each other.
With the current situation, will we finally reach this point?
Mie Nofu took a deep breath. The goal pursued by generations of neon princes was right in front of him. But as he stood higher, he knew that the courage on his shoulders had become heavier.
Moreover, time is running out, and my term is nearly halfway. The time left for me is only a little more than three years.
"I agree with the interest rate cut!" His sonorous voice attracted eyes to focus on him again.
He, who has been calling for tightening policy, actually agreed that interest rates should be cut now.
"But this is just to temporarily ease the pressure on the financial system and buy time for them to deal with risky debts." Sanzoye Fu increased his voice, "At the same time, Neon Bank will officially announce that it will abandon the window guidance policy! And starting from next year, the new
For treasury bonds, Neon Bank will no longer commit to subscribing shares for the time being."
There was a lot of information, and everyone in the conference room was thinking about the role of these policies.
Cutting interest rates releases vitality.
However, given the abandonment of window guidance, at a time when financial and real estate market risks are high, banks, without the central bank's loan direction requirements, will of course seek advantages and avoid disadvantages, and temporarily tighten lending in these two directions.
For the new treasury bonds, Neon Bank no longer promises to subscribe for shares, so they can only be purchased by the private sector, which is equivalent to gathering more private liquidity. In this way, the financial market and real estate market will draw less private funds.
Channels for borrowing and lending.
There is only one policy to release water, but there are two policies to withdraw water.
This is in line with his position: the bubble economy cannot be allowed to reignite.
If the Ministry of Finance thinks that cutting interest rates is useful, then it will do so, but it must be supplemented by other tightening measures.
"What about the bank's reserve ratio?" Miyazawa Kiji frowned, "In order to meet the requirements of the Basel Accord, major banks originally need to expand their own capital ratio. Overseas markets have suffered setbacks, and the domestic market is now at a disadvantage.
If we give up window guidance under this situation, we cannot just cut interest rates. The financial industry and real estate industry are shrinking now, and funding is needed to support other industries and cultivate new industries."
"After interest rates are cut, there will be some people who are unwilling to save at low returns. The real estate and financial markets are now very risky, and the public will be very enthusiastic about buying government bonds." Mie Yefu argued, "So there is no need to rely on government bond issuance.
Niji Bank's subscription. As for increasing the scale of currency issuance... Miyazawa-san, I know what you want to mention is this. Before the risky debt in the financial system is controlled, we must not start increasing currency issuance to stimulate the economy now.
of."
Hearing this, Tao Zhiming knew that they had basically completed their discussions and had gone through the "necessary procedures."
Neon Bank has officially launched independent legal changes, and the Ministry of Finance has also started to prepare for solving bad debts in the financial system from the perspective of institutional reform and legislation.
Shan Yu has already arrived. Legislating first, carrying out institutional reforms, and establishing a special financial supervision office will only make the next move more thorough, resolute, and violent.
This is the message that every consortium will interpret.
Some people should be more panicked.
After attending the interest rate meeting as a special director of the Financial Research Center, Tao Zhiming found Qiu Yuanyasu and planned to give a big gift for this special year.
"...To jointly organize a special concert and tour concert with TV Tokyo?" Yasushi Akimoto was a little confused.
"That's right." Tao Zhiming explained the concept to him, "Although it is up to us to decide what kind of works we create, we might as well regard this as a change in customer needs. You see, some people are already teaching others to save money.
There are already so many people who have failed in speculation in the past few years and have committed suicide. The number of clubs laying off employees and closing down is increasing every day. Today’s customers need some works that can bring strength and encourage people!”
"...But what you described seems to be a very strong lineup and specifications." It's not just a special concert that will be broadcast live on TV, but also a tour concert...
"Of course we have to do it more vigorously." Tao Zhiming said meaningfully, "Qiu Yuanjun, this is also sharing the worries of the cabinet. In the process of squeezing the economic bubble, it is very painful for the pustule to be punctured. These people are also
To convey a pessimistic message to others. In fact, life is like this, with ups and downs. When the economic environment of an entire country adjusts, everyone will feel the pressure. Therefore, there will be a market for songs that encourage people."
"...You must have some works already, right?" Akimoto Yasushi is used to it. When he mentions something in particular, he must be prepared.
Tao Zhiming said with a smile: "Of course. This time, I have prepared 7 new songs. In addition to "myall" and "staygold" sung by Quan Shui before, and "I once thought about it all" by Akina, there are 10 songs in total.
, can form a Wandetar all-star inspirational special."
"7 new songs?!" Yasushi Akimoto was excited. It was rare for him to come up with so many new songs at once.
Especially this time, it has a clear theme and seems to be related to the needs of senior cabinet officials, so the works produced must be good.
Tao Zhiming smiled slightly: "Call the production team."
"...What about the singers?" Yasushi Akimoto asked, "Are there any specially designated singers, or... let me see who is more suitable?"
"Let's make an exception this time." Tao Zhiming patted his shoulder, "Since I handed Wandetar over to you to manage, this is the first time and probably the last time I have done this. It just so happens that the summer is so hot, so everyone
We've all called in, along with the musical instruments. We'll go to the Taoran and use this time to initially complete the arrangement of this album and determine the singing method."
"Eh?" Qiu Yuanyasu was pleasantly surprised, "Is this considered...a vacation?"
"That's right, just think of it as a creative vacation. I happen to have to go to Hokkaido to do some errands. I'll be there once and for all."
"I see!"
After several years of development, Wandetar now has far more singers than there were at the beginning.
The handsome and talented president has not been here for a long time. Many newly signed artists and staff thought they would have a chance to talk to him, but he left after meeting with President Akimoto.
Later, Akimoto Yasushi called some people for a meeting.
The new artists discovered that those who went to the conference room were the first batch of signed singers.
Among them, there is Rie Miyazawa who focuses on acting.
Rie Miyazawa turned 18 this year, and her personality is no longer as stupid and timid as before.
In the club, she has a good relationship with the two leading singers.
One is Sakai Izumi, with whom Rie Miyazawa lived for a short time.
One is Akina Nakamori. When Tao Zhiming committed suicide, he took Rie Miyazawa there and used her as a negative teaching material to educate Miyazawa Rie.
"Sister Quanshui, after the president came here, the president called us for a meeting. What could happen?"
Sakai Izumi felt a faint trance in his heart, so his eyes were also a little dazed and confused: "I don't know."
"Sister Akina, do you know?" Miyazawa Rie stretched her head forward again and asked Nakamori Akina across the Sakai Spring.
"...Wait for the president to come."
"Eh? Don't you know? You have sung many of the songs composed by the president!" Rie Miyazawa looked at Sakai Spring Water and pouted, "The president is partial!"
To be continued...