S-Palace Hotel, 1st Floor, Main Banquet Hall.
Dark volcanic rock pillars alternated with warm, charcoal-black timber lattices, dividing the vast interior into layers of restrained elegance.
Concealed warm-toned matrix lights struck the Echizen washi canopy above, casting a soft halo that spread evenly across the polished marble floor.
Panoramic soundproof glass shut out the bleak wind and cold rain of the early winter night. Minimalist karesansui arrangements dotted the edges of the venue.
The air carried a faint trace of sandalwood mixed with the subtle sweetness of aged champagne, dressing this bloodletting—held under the banner of "relief"—in impeccable elegance.
At the side and rear of the hall, a small indoor orchestra performed Bach string quartets on a semicircular stage. Soothing violin notes threaded through the elegantly dressed crowd, masking the deliberately lowered conversations and the crisp clink of goblets.
Fuji Bank Vice President Kagawa stood calmly by the cold buffet, a glass of champagne in hand. He wore a dark gray flannel suit today, a white silk handkerchief folded neatly in his breast pocket.
A slightly stout president of a mid-sized real estate firm approached with stiff steps, clutching his glass in both hands. Sweat dampened his sideburns.
His breathing came fast, and the Windsor knot at his throat was so tight it made his face look congested.
"Vice President Kagawa, good evening." The real estate president gave a slight bow, forcing his voice to stay steady.
"We met last month at a ryotei in Ginza. What a coincidence to run into you here tonight."
Kagawa turned. His gaze lingered on the man's face for half a second before his lips curved into a flawless business smile.
"President Takada, good evening. Tonight's banquet has drawn colleagues from every sector. It's a rare opportunity for exchange." Kagawa lifted his champagne glass in a small gesture.
Takada swallowed hard, his Adam's apple bobbing. He took half a step forward, closing the distance.
"Vice President Kagawa, since we've run into each other, there's something I'd like to ask for your understanding on." Takada lowered his voice, unable to hide his anxiety.
"Regarding the bridge loans for my company's three construction projects in Shinagawa Ward… they're due this Friday.
The Ministry of Finance recently issued that 'total volume regulation' directive, and the subcontractors are pressing us for cash.
Could you speak with Risk Control and grant us another month's extension? Just one month. Once we liquidate those two vacant lots at a discount, we'll cover the shortfall immediately."
Kagawa listened quietly. The corner of his eye twitched, almost imperceptibly.
Seriously. Do these people think the bank's money is infinite? Why not rob the Ministry of Finance while we're at it?
"President Takada, I understand your difficulties," Kagawa said, his voice gentle, his words precise.
"Given the current macro fluctuations, the Banking Bureau's special inspectors are stationed in Fuji Bank's audit office at headquarters.
On the red line for loan growth in real estate, the board has issued the strictest compliance directives. Any overdue extension will trigger an alarm in the core audit system. This is truly beyond my personal approval authority."
Kagawa looked at Takada's face as it lost color, then raised his goblet in a slight toast.
"I hope your company weathers these hardships soon. And I wish your charitable efforts tonight every success."
Takada froze. He opened his mouth, searching for a foothold to negotiate. But faced with Kagawa's airtight smile, he said nothing.
"…Sorry to trouble you."
Takada gave a deep bow and retreated into the crowd, his face ashen.
Ten meters from the buffet, near a champagne tower, Mitsubishi Group Supreme Advisor Iwasaki Hiroya stood beside Mitsui Zaibatsu head Yagi. The two elderly men held half-filled glasses of red wine, their postures relaxed.
In truth, over the past few months, to maintain their core banks' capital adequacy ratios, both Mitsubishi and Mitsui had been forced to dump stocks of peripheral subsidiaries on the secondary market. They had personally severed half their groups' limbs in exchange for the cash they now held.
But complaining about the environment was useless.
The chips they'd lost had to be recouped elsewhere—and quickly—several times over.
Yagi's gaze tracked Takada as he melted back into the crowd.
"Fuji Bank moves fast," Yagi said, taking a sip of wine, his eyes flicking to Kagawa's profile.
"Those plots Takada owns in Shinagawa are prime locations. He bet his company's entire cash flow to acquire them. Now that Fuji cut off his extension, he won't even cover next month's construction costs."
Iwasaki Hiroya leaned on his red sandalwood cane with its sterling silver handle, following Yagi's line of sight.
"Takada won't last until month's end before bankruptcy liquidation," Iwasaki said quietly.
"Once the court seal goes on, the opening price for those plots won't hit thirty percent of his original cost."
Yagi withdrew his gaze and surveyed the brightly lit hall. Small and mid-sized owners and local power brokers, glasses in hand, each with their own agenda, filled his view.
"The Saionji family timed this stage perfectly," Yagi murmured, fingers brushing the rim of his glass. "One invitation, and every debt-ridden player in Kanto—willing or not—ends up under this roof."
Iwasaki Hiroya gave a slight nod, his gaze calmly sweeping the crowd.
His eyes passed over several nearby SME presidents huddled together, wiping sweat from their brows.
"This is far more revealing than any due diligence report from Investment."
He set his wine glass on a passing waiter's tray and folded both hands over the top of his cane.
"Whose glass is unsteady, who's scanning the room for someone to toast—one lap around and we'll know which courthouse the M&A team should be at tomorrow morning."
Yagi nodded, following his gaze toward the 'prey' forcing smiles at the center of the hall.
"To raise cash recently, we cut away peripheral businesses ourselves," Yagi said, his voice low. "We need to recover those lost positions several times over."
Iwasaki watched the crowd, his fingers rubbing the cane's handle twice.
"Once the Saionji family forces their hands tonight, we'll move on the clean assets tomorrow. It should balance the books."
"…Look. The bloated fat man is here."
At that moment, a stir rose from the main entrance.
Seibu Group Chairman Yoshiaki Tsutsumi strode in, surrounded by several core executives, entering this hunting ground with deliberate fanfare.
Today Tsutsumi wore an impeccable Italian-tailored dark suit, his dark red silk tie glinting beneath the crystal chandeliers.
The moment he appeared, executives from major banks and the crisis-stricken SME presidents all turned toward the real estate tycoon who controlled one-sixth of Japan's land.
No matter what rumors said about the "Seibu Emperor" being on the brink, as long as Seibu's cash flow held, he was still the "world's richest man."
Several influential Diet members immediately stepped forward to greet him.
"Chairman Tsutsumi, good evening." One MP extended his hand, all smiles.
Tsutsumi strode forward and shook it firmly. He raised his voice deliberately. Even with the classical music, his booming tone carried several meters.
"Representative Nakamura. It's been a while." Tsutsumi's smile was infectious.
"I just got back from Sydney last week. Seibu Group has its eye on several prime contiguous plots on the Gold Coast.
We're planning a large-scale golf resort spanning thousands of acres. The sunlight there is magnificent. Once it launches, I'll invite you over for a few rounds."
"Oh? Seibu is still expanding overseas in this climate? Chairman Tsutsumi's boldness is admirable!" The representative echoed loudly, eyes wide with amazement.
Tsutsumi released his hand and took a glass of champagne from an aide.
"Temporary macro fluctuations can't stop the expansion of truly premium assets," he declared, raising his glass and looking around with confidence.
"Not just overseas. Several high-premium core commercial parcels in Minato Ward and Shinjuku just hit the market. Seibu Land Development has strong interest. Our cash reserves are ready to fuel the next round of industry consolidation."
His high-profile boasting made the eyes of several desperate developers nearby light up. They edged forward, trying to strike up conversations.
Glass in hand, Tsutsumi chatted and laughed with each group that approached, using this arrogant posture to project an image of abundant liquidity—and to intimidate any banker in the room thinking of calling in loans.
At the same time, his gaze swept the crowd, landing briefly on several presidents of Seibu subsidiaries.
Tonight's banquet required "heavy bleeding," and Hokkaido's Gokurakukan burned through special heavy oil every day. That massive cash gap had to be squeezed out of the group's holdings, and quickly.
He clinked glasses with other politicians, already settling on extraction strategies in his mind.
Seibu Railway's commuter passes for the second half of the year needed a price hike—justified publicly as "upgrading line safety equipment." With millions of daily riders, the cash would be immediate.
Those aging, low-occupancy Prince Hotels in Kansai could be bundled and listed tomorrow morning. While land prices hadn't fully collapsed, he'd dump them on small developers still blindly chasing projects to cash out.
As for Seibu Department Store, payment to all downstream suppliers would be delayed by sixty days. That intercepted cash could cover Gokurakukan's energy shortfall.
Tsutsumi raised his goblet and clinked it lightly with a senior Ministry of Finance official approaching him. His smile was confident and composed. He planned to have his secretary, Shimada, issue all these orders for execution tomorrow morning.
On one side of the hall, Vice President Kagawa watched the domineering "richest man" at the center of the crowd with cold eyes.
The bad-debt hole inside Fuji Bank is almost impossible to hide. Can Seibu really stay detached? Does Tsutsumi think he's part of the Saionji family?
With Seibu Group's operations stretched so thin, there was no way they were as comfortable as they looked.
In the distance, Iwasaki Hiroya and Yagi observed the scene.
The two elderly men exchanged a glance and, with unspoken understanding, raised their red wine glasses and clinked them lightly in midair.
The glass chimed, a crisp sound only they could hear.
In this banquet hall built on lies and debt, the louder someone boasted of wealth and the more eagerly they displayed expansion plans, the more likely their ledgers were riddled with holes.