Late February, Tokyo, the Isokawa Residence.
The rain had been falling since evening and had not stopped by nightfall.
The heating inside the room was turned up high, but when Reiko walked into her grandfather's study, she still felt a slight chill at her fingertips.
This was not the first time she had entered this study.
The Isokawa family's study was different from the old Kazoku-style rooms of the Saionji Main Family Residence; there were not many antiques to show off here.
Only a few pieces of calligraphy, none by famous masters, hung on the walls, and the bookshelves were filled with documents related to official business.
A large desk sat by the window.
Its owner was clearly meticulous about cleanliness; pens, sticky notes, newspaper clippings, and folders each had their designated spots, and even the coasters were aligned at a fixed angle.
Seiichiro Isokawa sat behind the desk.
He had already changed out of the suit he wore to the official residence during the day, wearing only a dark gray shirt.
He was very old, his hair almost completely white, and the wrinkles on his face were deep, but as he sat there, his spine remained straight.
Reiko stopped in front of the desk.
"Grandfather."
Seiichiro looked up at her.
"Have a seat."
Reiko sat in the chair opposite him, hands resting on her knees.
Her grandfather had called her here tonight to finally scold her for the conflict she had with Naoto Takashina at school that day—or so she thought.
After returning home from school that day, she had told her grandfather everything immediately.
She explained clearly how the messenger had lured her there, how Naoto Takashina had brought up Gakushuin, and even described the ledgers of those Takeshita-affiliated political funding groups.
After hearing her out, her grandfather had only told her not to worry about those things and to just continue going to school.
But Reiko had not truly let it go.
Over the next few days, she behaved normally at school—attending classes, handing in materials, accompanying Satsuki to the cafeteria, and occasionally chatting with Ayako about the graduation ceremony.
She did not even bring up Naoto Takashina in front of Satsuki.
Yet that matter had been weighing heavily on her mind—if the Seiwa faction really leaked the narrative of those ledgers to the media, what would be written about the Isokawa family, and to what extent would the Kaifu Residence be dragged down?
She thought she had hidden her anxiety well.
Now it seemed her grandfather had seen through her long ago.
Seiichiro placed his glasses on the desk, his tone very calm.
"Are you afraid?"
Reiko did not answer immediately.
The sound of rain fell outside the window, like handfuls of fine rice grains being scattered across the eaves.
She listened for a moment before looking up.
"Grandfather, are we really going to be okay?"
Seiichiro looked at her.
After Reiko said this, she lowered her eyes first.
She did not doubt whether the Saionji family could handle the Seiwa faction.
No matter how powerful the Seiwa faction was, it would be difficult for them to uproot the Saionji family from Tokyo's financial circles and Nagatacho with just a few old ledgers.
But the Isokawa family was different.
They could be said to hold weight within the Saionji faction.
With her grandfather now serving in the official residence, he was indeed seen by many as the person closest to Prime Minister Kaifu who best understood the Saionji family's intentions.
But precisely because of this, if the Seiwa faction was truly determined to deal a heavy blow to the Saionji faction, the Isokawa family would be a perfect target.
Targeting the Saionji Main Family Residence was too difficult.
Targeting Prime Minister Kaifu could easily turn into an intra-party cabinet overthrow.
Targeting the Saionji Group would affect the financial sector, banks, and a whole host of people who had already benefited from the Saionji family.
But targeting the Isokawa family was just the right level of difficulty and carried just the right amount of weight.
The Isokawa family had a past tied to the old Takeshita faction, traces of cutting ties during the Osawa liquidation, and currently held a position in the core of the official residence.
The Seiwa faction only had to put out the narrative of "betraying an old master to exchange for a position in the official residence," and they could keep the newspapers writing for days.
When that time came, onlookers would not necessarily care about the truth; they would only stare at the Isokawa family to see if the Saionji faction could protect its own people.
Seiichiro did not comfort her immediately.
He nodded.
"The fact that you can ask this question shows that you were not led by the nose by Takashina."
Reiko looked up.
Seiichiro stood up from his chair and walked slowly to the window.
The rain outside was heavy, water constantly streaming down the window pane, blurring the stone lanterns in the courtyard into a hazy smear of light and shadow.
"They attack the Isokawa family because it draws blood from the Saionji faction; but if they fail to kill us, it will instead further elevate our Saionji faction's position within the party."
He looked out the window, speaking very slowly.
"You ask if we will be okay."
"That depends on what you mean by 'okay.'"
"If you are asking whether the Seiwa faction can get the newspapers to write nasty things, of course they can. If you are asking whether I might be forced to leave the official residence, that is not entirely impossible either."
Reiko stood up and followed him to the side of the desk.
Seiichiro turned around to look at her.
"But if you are asking whether the Isokawa family will leave the Saionji faction because of this, the answer is very simple."
He returned to the desk, took a dark folder from a drawer, and placed it on the desk.
"We no longer have that path."
Reiko's gaze fell on the folder.
Seiichiro tapped the cover lightly with his finger.
"The Saionji family does not tolerate traitors."
Reiko's eyelashes fluttered slightly.
Those words sounded incredibly heavy.
But Seiichiro did not elaborate further, merely pushing the folder toward her.
"Open it and take a look."
Reiko stared at the cover of the document for a moment, then reached out to open it.
The first page was a summary sheet of the flow of funds for the supporters' associations.
It listed over a dozen names.
Some Reiko recognized, while others she had only seen in the newspapers.
Those people had originally been very close to the Osawa faction.
After Osawa fell, logically, their local offices, secretaries' salaries, and supporters' association activity funds should have run into trouble immediately.
But the situation on the sheet was different from what Reiko had imagined.
Their funding had not actually been cut off.
Some had received new sponsorships through local tourism development associations; some suddenly had a food processing plant expansion project in their constituency; some had their secretaries' salaries paid as consulting fees under the name of a policy research council; and the annual meeting expenses of several supporters' associations had been taken over by a financial world social club under the guise of "local industry revitalization training."
These projects seemed scattered, and their justifications were very formal.
But they had one thing in common: they were all related to the Saionji family.
"These people used to depend on the old Takeshita faction for their livelihood," Seiichiro said. "After Osawa fell, they should have gone down with him."
"But in reality, their local offices are still open, their secretaries are still being paid, their supporters' associations are still hosting events, and the elderly in their constituencies still receive New Year's greetings."
Reiko said in a low voice, "So that is why the Seiwa faction wants to attack us."
"Yes." Seiichiro picked up a ceramic cup from the side and took a sip of water. "The Isokawa family is now the transit station for these old members to transition into the Saionji order."
"The Seiwa faction is targeting us because they want those people to believe that even after turning to the Saionji family, they will still be dragged out and liquidated."
Reiko continued to flip through the pages.
The title of the second section was very short.
Local Constituency Undertaking Projects.
Reiko had originally expected to see political donations, supporters' association sponsorships, policy research council funds, and the like, but when she actually opened it, what appeared on the paper were several very specific local names.
The first was a town in Gunma Prefecture that had experienced population outflow for three consecutive years.
After the Osawa faction fell, the local supporters' association there was already on the verge of collapse.
Local construction companies could not get new projects, empty shops on the commercial streets were increasing, and the lawmaker's office had even begun delaying secretaries' salaries.
Then, a food processing plant under the name of S-Food leased an old factory building in the area and hired more than seventy workers.
Reiko looked at that figure and frowned.
"More than seventy people?"
"Yes, votes gained by solving employment problems are often the most stable."
"Seventy-odd people might not seem like much to Tokyo," Seiichiro said. "But for that town, it is enough to keep the local newspapers writing reports for three days."
Reiko continued to read.
Clipped to the back of the document was a newspaper clipping.
In the photo, the town mayor and a local lawmaker stood at the entrance of the old factory, with a banner reading "Employment Stabilization Agreement Signing Ceremony" hanging behind them.
Reiko had met that lawmaker before; he was an originally very unremarkable young man in the Osawa faction.
After Osawa's downfall, the outside world assumed he would sink along with him.
But in the photo, he was smiling broadly.
Reiko slowly began to understand.
"So he is still alive."
Seiichiro nodded.
"As long as a politician can still bring things back to their constituency, they are not truly dead."
The second case was in northern Saitama Prefecture.
A new Uniqlo store had opened next to the national highway, with a small storage facility built alongside it.
The file only contained the local news from the opening day.
Standing in the corner of the clipping was likewise a lawmaker from the old Takeshita faction.
The third case was near Chiba Port.
Saionji Logistics had leased two old warehouses under the guise of consolidating export goods for small and medium-sized enterprises.
The local Chamber of Commerce and Industry quickly followed up, holding several briefing sessions.
Attached to the back of the document was a list of attendees, and when Reiko saw two of the names, her finger paused.
She had seen those two names on her grandfather's old faction list.
"These people used to rely on financial backers in the construction industry," Reiko said.
"Now the construction industry backers can barely stand on their own feet," Seiichiro said. "They have to find a new livelihood."
Reiko looked up.
"The Saionji family gave them a livelihood?"
Seiichiro looked at her, his tone flat.
"Not to them, but to their constituencies."
After saying this, he pushed the document slightly closer to her.
"That is the difference. Political donations can be written up as scandals, and supporters' association sponsorships can have their sources questioned."
"But when you use real industries to create jobs, no one can criticize that behavior—because it genuinely benefits the people."
Reiko looked down at those local names again.
"So, many people do not align themselves with the Saionji family because they like them," Reiko said.
Seiichiro chuckled.
"In politics, liking someone is a luxury."
"Then what is it because of?"
"Because their constituencies have already started to need the Saionji family."
She nodded thoughtfully and flipped to the third section.
This section detailed the Saionji family's visible domestic assets.
The wording in the document was very cautious, using terms like "conservative estimate," "externally visible," and "excluding offshore associated assets" in many places, yet the numbers were still suffocating.
"Three trillion to five trillion..." Reiko whispered, reading it aloud, but there was another identical number following it; she pointed to it, "Is this also three trillion to five trillion?"
"The former is industrial and consumer networks, while the latter is land, buildings, and assets acquired during the bubble period," Seiichiro said. "Both only count the visible parts."
Reiko looked up at him.
"Just counting the visible parts, it is already like this?"
Seiichiro did not answer, only tapping the next page with his finger.
Reiko looked down.
That page was dedicated to the cash inflows following the partnership with Seibu.
It listed railway station commercial operations, Prince Hotel supplies, and stadium peripheral management rights, followed by ten- and fifteen-year terms, as well as projections for foot traffic, food orders, advertising space, and rent.
She suddenly remembered what she had said to Naoto Takashina at school.
Seibu had already bowed its head.
She knew that statement carried weight at the time, but only now did she clearly see what exactly Seibu had surrendered after bowing its head.
"These... are all sustainable cash flows."
"Every day," Seiichiro said. "People enter and leave the stations every day, the hotels need to serve meals every day, and every match at the stadium has spectators."
Reiko stared at that page, speechless for a long time.
She continued flipping through.
The next section was about liabilities.
This page, however, did not have as many names, only a few excerpts from bank briefings.
Many conglomerates still had beautiful book assets, but in reality, short-term loans and real estate mortgages were already strangling them.
After the Ministry of Finance implemented total volume regulation, banks became slower and slower to renew loans.
Companies that previously relied on rising land prices to stay afloat now had to queue up and explain themselves just for a rollover.
Reiko quickly found the Saionji column.
"No signs of relying on short-term financing to maintain operations..." She finished reading the sentence and frowned, "What does this mean?"
"It means the banks cannot squeeze them right now," Seiichiro said.
Reiko was stunned for a moment.
Seiichiro turned the document back to the previous page.
"Those with a lot of land are not necessarily safe now. Only those with a lot of cash are safe."
"After the bubble bursts, land prices will make many people bleed, but the cash in the Saionji family's hands will only become more valuable."
Reiko understood.
She used to feel that the larger the assets, the more terrifying they were, but these pages of documents told her that the problem for many families now was not that their assets were not large enough, but that their assets could not be sold while their debts had to be paid every day.
The most terrifying thing about the Saionji family was precisely that while it looked heavy, it was not actually being strangled by the banks' noose.
Further back was the overseas section.
The content on this page was significantly less, with many places only marked "Unable to confirm."
S.A. Investment had large-scale capital activities in the Cayman Islands, New York, and Switzerland, held equity in a batch of American technology companies, and had intersections with the communications, film, and financial circles.
Reiko could not understand all the English company names, but the fact that they were placed here meant they were definitely not ordinary investments.
What truly made her pause was the column below.
Nikkei put options.
Returns could not be confirmed, settlement paths could not be confirmed, and the ultimate beneficiary could not be fully confirmed.
Yet a projection was still provided on the side.
Seventy billion to ninety billion US dollars.
Reiko stared at that number, and after a while, she looked up at her grandfather.
"US dollars?"
"Yes, US dollars."
"Has the Kaifu Residence confirmed it?"
"They cannot confirm it," Seiichiro said. "That is why it is written so obscurely in the document."
"Then why include it?"
Seiichiro looked at her, his tone calm.
"Because someone in the Ministry of Finance said, it is better to overestimate the Saionji family than to underestimate them."
Reiko looked back at that line of numbers.
The sound of rain was still ringing outside the window, but she could barely hear it anymore.
Of course, she knew Satsuki was very rich, and she knew the Saionji family was very strong right now.
But the numbers on this paper were no longer things that could be imagined between classmates.
It was as if it had suddenly placed the classrooms of Seika Academy, the career path questionnaires of Gakushuin, the threats from Naoto Takashina, and the Nagatacho she had always been familiar with, all onto a larger table.
And Saionji Satsuki sat at the other end of that table, holding cards that others had not yet seen clearly.
Reiko did not speak again and continued flipping to the last few pages.
The sixth section was the total estimate.
In the rumors of Seika Academy and the outside world, Saionji was in the multi-trillion level.
The part visible to banks and the middle levels of the Kaifu Residence was already between eight trillion and fifteen trillion yen.
And in Seiichiro's personal judgment, the true scale of the Saionji Group exceeded twenty trillion yen.
Reiko stared at those words, not speaking.
Seiichiro walked back behind the desk and sat down, picking up his glasses again but not putting them on.
"This is just an external judgment. The Saionji family will not let us see the true ledger of S.A. Investment. The final settlement of the Nikkei short positions will also not appear in its entirety on any financial statement within Japan."
He put his glasses back on the table.
"According to current projections, Japan's nominal GDP for the entire year of 1990 is approximately between 430 trillion and 440 trillion yen. Do you understand what this means?"
Reiko slowly looked up.
Seiichiro said it for her.
"If this estimation direction is correct, the Saionji family alone has a true scale approaching five percent of all of Japan."
For the first time, Reiko felt that it was very difficult to place the title "Saionji-san" and the numbers on the document in the same position.
She suddenly felt incredibly fortunate that she was standing on Satsuki's side.
Reiko took a deep breath.
"So that is why the Seiwa faction is anxious?"
Seiichiro nodded.
"Of course they are anxious."
He pulled the folder back a little, but did not close it immediately.
"The Seiwa faction can oppose Saionji. They can say that the zaibatsu influence politics, they can say the Kaifu Residence is led by the nose by external capital, they can say that the old factions have returned to Nagatacho after being repackaged by the Saionji family. They will say it very eloquently, and many people will be willing to listen."
Reiko looked at him.
"But they cannot come up with an alternative plan."
"They cannot extend the lives of old parliamentarians, they cannot provide orders to constituencies, they cannot show banks cash, and they cannot execute economic policies for the Kaifu Residence. Their opposition is just opposition for the sake of opposition; in reality, they can do nothing."
"So, the only thing they can do now is to prove first that Saionji cannot protect her own people."
Reiko whispered, "So the Isokawa family is the whetstone they have chosen."
"Correct."
Seiichiro closed the folder.
"You asked earlier if we were in trouble; now you should understand."
"The Seiwa faction does not want a few reports, nor do they want to make me look bad in the Kaifu Residence for a few days. They want everyone to see that even weighty people in the Saionji faction can be taken down by them."
Reiko looked at the folder.
"What if we leave the Saionji faction?"
She felt a chill run through her heart as she said those words.
Seiichiro's expression did not change.
"That would also be very simple."
"The remnants of the old Keiseikai will not trust us anymore. The Seiwa faction will not truly accept us either. The Kaifu Residence will cast us aside, and the media will continue to pursue the ledger issue. As for the Saionji family—"
He paused for a moment.
"She would not even need to do anything."
Reiko's heart sank.
"Political traitors rarely have a place to stay. Everyone knows you have betrayed someone before—this is much more troublesome than someone hating you."
The study was quiet for a few seconds.
The sound of rain merged into one outside the window.
Seiichiro put the folder back into the drawer.
"So, the only thing we need to consider now is how to hold off the Seiwa faction's offensive."
Reiko nodded slowly.
She had originally only been worried about whether the Isokawa family would become a breakthrough point, but after reading these documents, her understanding of the Saionji family had completely changed.
It was not just a powerful zaibatsu, nor was it just a family that seized the opportunity of the bubble bursting with future vision.
It had already connected political funds, local projects, bank relationships, consumer networks, overseas assets, and the execution capability of the Kaifu Residence all together.
As long as that young girl was still sitting there, the Saionji family was like a machine that was still accelerating.
The Seiwa faction could stand in front.
But what could they use to stop it?
Seiichiro looked at Reiko, who was still dazed, and his tone finally relaxed a little.
"The school will soon be preparing for the graduation ceremony, right?"
Reiko came back to her senses.
"Yes, the graduation ceremony will be held in early March. Recently, Mr. Sugiura has been confirming the list and the process."
"Then go to school properly."
Reiko was stunned for a moment.
Seiichiro stood up and picked up the teacup by the desk, only to find that the tea had gone cold.
He glanced at it and put the cup back.
"If you really want to help the family, go find Saionji-san."
Reiko looked at her grandfather.
"Find Saionji-san?"
"Yes."
Seiichiro walked to the door and opened the study door for her.
"We are also people of the Saionji faction; she will not stand idly by and watch us."