That evening, Saionji Family headquarters, Tokyo. Top-floor conference room.
Outside the window, the Tokyo skyline was dyed a dim orange-red by the autumn dusk. Tokyo Tower's lights had not yet come on, its steel skeleton standing like a gray nail driven into the twilight.
An unfolded map of Asia lay on the long table. On the right side, several documents were held down by paper clips.
Endo stood beside the table and pushed an A3-sized cost estimation sheet toward Satsuki.
"This is a monthly salary comparison table for blue-collar workers in major Asian industrial zones. The General Affairs Section compiled it overnight."
Endo's finger moved across the rows of numbers at the top of the table.
"In the Kanto region of Japan, the average monthly salary for manufacturing blue-collar workers is 280,000 yen.
In Ulsan, South Korea, it converts to approximately 80,000 yen.
In Chonburi Province, Thailand, it converts to approximately 35,000 yen."
His finger stopped at the bottom row.
"In the area surrounding Shenhai, China, it converts to approximately 8,000 yen."
Endo looked up at Satsuki.
"Calculated for a 300-person production line similar to the Fukaya Plant, the labor cost savings alone would exceed 700 million yen per year."
Satsuki didn't look at the estimation sheet. Her gaze remained fixed on the map, her finger pressed against the mouth of the Yangtze River.
"Endo, lay out the alternative proposals you sent back last week."
Endo pulled three project proposals from the stack of clipped documents and lined them up, each distinguished by its cover color.
Blue cover—*'Processing and Compensation Trade' Mode: Raw Material Processing and Export Plan.*
Green cover—*'Sino-Foreign Joint Venture' Mode: Joint Venture with Local State-Owned Enterprise Plan.*
Red cover—*'Wholly Foreign-Owned Enterprise (WFOE)' Mode: Wholly Owned Subsidiary Plan.*
Satsuki picked up the blue-covered proposal, flipped to the first page, scanned two lines, and snapped it shut.
She took a red permanent marker from the pen holder and drew a large X on the cover.
"Processing and compensation trade." She pushed the blue cover aside.
"Ownership of the equipment is transferred to the other party's processing plant, and we only get finished products in return.
We're giving away machine tools for a thin processing fee margin. Once they master the process, they can cut us out and take orders themselves at any time."
Endo nodded and moved the crossed-out proposal to the side.
Satsuki then picked up the green cover. Flipping to the third page under Equity Structure, she tapped her finger twice on the clause: 'Chinese party holds 51%, Foreign party holds 49%.'
"Joint venture." Satsuki raised her eyes to Endo.
"Board seats are allocated by share ratio. The Chinese side holds the majority, and the factory manager and CFO are both appointed by them. If we want to implement our quality control standards, we have to get through them first.
Equipment depreciation, profit distribution timing, even which brand of cutting fluid to use—every detail would mean endless negotiation with a partner whose management philosophy differs completely from ours."
She drew an X on the green cover as well.
"The essence of a Sino-foreign joint venture is trading controlling interest for market access. For companies that don't bring real capital and only want to use cheap local labor for OEM branding, this model is sufficient."
Satsuki set down the marker.
"But we are different."
She picked up the red-covered proposal. She did not mark it.
"Wholly foreign-owned." Satsuki opened the proposal, her finger pressing on the Registered Capital Composition section.
"Endo, confirm the framework of this page with me again."
Endo stepped forward and looked down at the table.
"The registered capital consists of two parts. First, US dollar cash, remitted directly from Saionji Trading's New York offshore account to the foreign investment settlement account at the Bank of China's Shenhai Branch.
Second, contribution in kind, entered as fixed assets based on the customs-appraised value of the complete sets of industrial equipment."
Endo's finger pointed to a footnote at the bottom of the table.
"Under their current foreign investment policies, export-oriented wholly owned manufacturing enterprises can receive significant concessions from local governments on land transfer fees and income taxes."
"The key is this," Endo looked up.
"We aren't bringing one or two scattered pieces of second-hand equipment. We are bringing the complete production lines of five factories—stamping, injection molding, precision casting, motor winding, and electroplating—linked end-to-end. It's enough to support a complete closed-loop manufacturing system for white goods."
Endo closed the proposal.
"This kind of organized industrial chain transfer capability, combined with hard currency in US dollars, is exactly what their investment promotion departments want most right now."
Satsuki leaned back in her chair.
"So our bargaining chip isn't begging them for a business license." Her finger slowly traced a line on the map south of the Yangtze River mouth.
"It's using these chips to name our price directly."
Her fingertip stopped at the location marked Pudong.
"In April this year, the development of Pudong was officially approved. Most of that land is still farmland and tidal flats. The land lease system has just begun its pilot phase, and prices are at their most basic starting point."
Satsuki raised her finger and looked at Endo.
"What we want isn't to rent a ready-made factory in someone else's development zone.
We want a large, contiguous block of industrial land—enough to house five production lines, supporting warehouse areas, independent living quarters, and exclusive freight channels."
Endo held his pen over his notebook, waiting for final confirmation.
"Lock the land use for industrial purposes with a fifty-year lease," Satsuki said at a measured pace.
"Internal road planning, factory construction standards, and environmental facility configurations will all be executed by Saionji Construction according to Japanese industrial specifications."
"The export ratio of finished products shall not be less than seventy percent, with the remaining thirty percent for domestic sales to cultivate local distribution channels."
Satsuki closed the red-covered proposal.
"In addition, management must be entirely dispatched from Japan." She added one final point.
"The five factories being dismantled and packed—each original factory manager retains complete process documentation and quality control manuals.
Their final task before retirement is to go to the assembly lines in Pudong and install every screw of the Japanese lean production system."
Endo finished recording the terms and closed his notebook.
"Eldest Miss, the General Affairs Section has already established preliminary contact with the Pudong office through Saionji Trading's Shenhai branch. Their invitation letter arrived three days ago."
Endo took a piece of stationery from the side pocket of his briefcase and placed it on the table.
The stationery was embossed with a red national emblem and the Chinese characters for Shenhai City Pudong New Area Development and Construction Headquarters.
…
Late night, September 23rd. Yokohama Port, Daikoku Pier, heavy bulk cargo terminal.
The sodium vapor lamps dyed the entire pier a murky orange-yellow. The sea breeze carried the pungent scent of burnt diesel through the gap in the breakwater.
At the berth, a 30,000-ton ocean-going Ro-Ro ship, the Mingyuan Maru, was quietly moored. The red anti-fouling paint below the waterline was faintly visible in the searchlight beams, and the white ship name and port of registry on the hull were slightly blurred by damp salt spray.
Satsuki stood on the observation platform at the highest point of the breakwater. The autumn night wind blew her hair to one side. Fujita Tsuyoshi stood two steps behind her, pressing down the hem of his overcoat as it lifted in the wind.
Endo stood to Satsuki's right, holding a metal clipboard. Two documents were secured to it—one was a Special Cargo Export Release Form issued by Yokohama Customs, and the other was the invitation letter from Pudong.
At the pier front, four gantry cranes started simultaneously. The thick steel cable winches made a dull creaking sound, and the spreader's eagle-beak hooks bit into the lifting rings on the top of the first row of rust-proof wooden crates.
On the sides of the crates, S.A. Industrial — FRAGILE / HEAVY MACHINERY and a customs code were stenciled in black.
Inside were the cast-iron beds and hydraulic main cylinders of the first batch of Komatsu H2F-400 stamping presses dismantled from the Fukaya Plant.
The crane arms rotated slowly. The first wooden crate left the pier ground, traced an arc in the air, and hovered over the open stern ramp of the Ro-Ro ship. It then descended, settling into the pre-welded fixing brackets inside the cargo hold.
A dull thud echoed from within the ship's hull, spreading across the entire berth through the resonance of the steel plates.
Endo held the clipboard out to Satsuki. The wind was too strong, so he used his free hand to hold down the corners of the paper.
"Eldest Miss. The release form requires your signature. Customs has completed verification, and the pier confirms that all thirty-seven heavy crates in the first batch have passed security inspection without exception."
Satsuki took a fountain pen from Fujita Tsuyoshi. She pulled off the cap, and the metal nib flashed under the sodium lights.
She looked down and signed her name in the designated box on the release form. Her handwriting was slender, the strokes crisp.
Endo took back the signed form, stacked it with the invitation letter, and placed them into a waterproof plastic bag.
The second crane's arm began to rotate. Another wooden crate bearing the S.A. logo left the ground, rising into the night sky illuminated by the sodium lights.
Satsuki looked up, watching the massive crates disappear one by one into the shadows of the ship's hold.
This industrial core of Japan was being packed into crates and loaded onto a ship, prepared to be transported to that great Eastern nation across the sea.
Stamping presses, injection molding machines, molds and jigs, electroplating tanks, winding equipment—these silent heavyweights of metal had been fixed to the factory floors of Saitama, Kawaguchi, Tokorozawa, Ota, and Maebashi just three months ago, operating day after day for Japan's home appliance supply chain.
Now their anchor bolts had been cut, they had been sealed into wooden crates, and they were being fed one by one into the belly of this ocean-going freighter.
"Endo." Satsuki's gaze did not leave the wooden crates suspended in mid-air.
"Is the list for the negotiation team to Pudong finalized?"
"Two from legal, two from finance, one for engineering assessment. Including you and me, seven in total," Endo replied.
"Additionally, the General Affairs Section suggests having Director Ikeda of Saionji Trading's Shenhai office accompany us as the local liaison.
Ikeda has been stationed in Shenhai for three years and has stable personal relationships with the local investment promotion departments."
Satsuki nodded.
"Do the people in Pudong know what we're bringing over?"
"During preliminary contact, Ikeda only disclosed that 'a Japanese enterprise intends to invest in and build an export-oriented manufacturing base in Pudong,'" Endo paused.
"The specific equipment list, investment scale, and land requirements were not disclosed in advance."
"Save it until we meet." Satsuki handed the pen back to Fujita Tsuyoshi. "Hole cards should be revealed in person."
The last crane's arm rotated into position. The final wooden crate was pulled from the pier's concrete ground by the steel cables, swayed twice, stabilized, and then slowly rose, clearing the ship's rail and sinking into the cargo hold.
A short beep came from the pier dispatcher's walkie-talkie, followed by the ship's chief officer confirming in a mix of Japanese and English.
"All thirty-seven crates loaded. Stern ramp closing."
The Ro-Ro ship's hydraulic stern ramp emitted a low hum of turning metal hinges. The massive steel plate rose slowly, finally locking flush with the stern with a dull thud.
The Mingyuan Maru's funnel began to emit thicker black smoke. The vibration of the main engine's increasing RPMs traveled through the seawater to the concrete structure of the breakwater, and the ground beneath Satsuki's feet trembled slightly.
A siren sounded in the night sky over Yokohama Port. One long blast, deep and resonant, made the air in one's chest hum with it.
The pilot boat pulled alongside the Mingyuan Maru's starboard side, beginning to guide the behemoth filled with Japan's excess manufacturing capacity as it slowly left the berth.
The first step of the low-to-mid-end industrial transfer had officially begun.
Satsuki stood on the observation platform, watching the Ro-Ro ship's tail lights gradually recede on the black sea.
The sea breeze lifted the stray hairs on her forehead, then let them fall.
"Notify the flight crew."
Satsuki withdrew her gaze from the sea and turned toward the black Toyota Century parked at the pier entrance.
Fujita Tsuyoshi stepped forward quickly to open the car door. Endo followed closely behind, carefully tucking the waterproof plastic bag into his briefcase.
Satsuki bent down and sat in the back seat. Before the door closed, her voice came from inside the car, half its volume stripped away by the sea breeze, leaving only a few clear words.
"To China."