"You make us wait?" another member of the group asked, feigning a blustery anger.
"Do you not appreciate drama?" There was a merry chorus of laughs.
"Well, yes, it is true that her bosoms are too big for real beauty, but there are sacrifices we all must make in life, and truly I have seen worse deformities…"
Such a good raconteur, Nomuri thought. He did have a gift for it. In a moment he heard the sound of a cork being pulled, as another man refilled the little cups. Drink was actually prohibited in the bathhouse for health reasons, but, rarely for this country, it was a rule largely ignored. Nomuri reached for his cup, his eyes still closed, and made a great show of forming a mental picture masked by a blissful smile, as additional details slid across the steaming surface of the water. The description became more specific, fitting ever closer to the photograph and to other details he'd been passed on his early-morning train. It was hardly conclusive yet. Any of thousands of girls could fit the description, and Nomuri wasn't particularly outraged by the event. She'd taken her chances one way or another, but she was an American citizen, and if it were possible to help her, then he would. It seemed a trivial sidebar to his overall assignment, but if nothing else it had caused him to ask a question that would make him appear even more a member of this group of men. It made it more likely, therefore, to get important information out of them at a later date.
"We have no choice," a man said in another, similar bathhouse, not so far away. "We need your help."
It wasn't unexpected, the other five men thought. It was just a matter of who would hit the wall first. Fate had made it this man and his company. That did not lessen his personal disgrace at being forced to ask for help, and the other men felt his pain while outwardly displaying only dispassionate good manners. Indeed, those men who listened felt something else as welclass="underline" fear. Now that it had happened once, it would be far easier for it to happen again. Who would be next?
Generally there could be no safer form of investment than real estate, real fixed property with physical reality, something you could touch and feel, build, and live on, that others could see and measure. Although there were continuing efforts in Japan to make new fill land, to build new airports, for example, the general rule was as true here as it was elsewhere: it made sense to buy land because the supply of real land was fixed, and because of that the price was not going to drop.
But in Japan that truth had been distorted by unique local conditions.
Land-use policy in the country was skewed by the inordinate power of the small holders of farmland, and it was not unusual to see a small patch of land in the midst of a suburban setting allocated to the growing of a quarter hectare of vegetables. Small already—the entire nation was about the size of California, and populated with roughly half the people of the United States—their country was further crowded by the fact that little of the land was arable, and since arable land also tended to be land on which people could more easily live, the major part of the population was further concentrated into a handful of large, dense cities, where real-estate prices became more precious still. The remarkable result of these seemingly ordinary facts was that the commercial real estate in the city of Tokyo alone had a higher "book" value than that of all the land in America's forty-eight contiguous states. More remarkably still, this absurd fiction was accepted by everyone as though it made sense, when in fact it was every bit as madly artificial as the Dutch Tulip Mania of the seventeenth century.
But as with America, what was a national economy, after all, but a collective belief? Or so everyone had thought for a generation. The frugal Japanese citizens saved a high proportion of their earnings. Those savings went into banks, in such vast quantities that the supply of capital for lending was similarly huge, as a result of which the interest rates for those loans were correspondingly low, which allowed businesses to purchase land and build on it despite prices that anywhere else in the world would have been somewhere between ruinous and impossible. As with any artificial boom, the process had dangerous corollaries. The inflated book value of owned real estate was used as collateral for other loans, and as security for stock portfolios bought on margin, and in the process supposedly intelligent and far-seeing businessmen had in fact constructed an elaborate house of cards whose foundation was the belief that metropolitan Tokyo had more intrinsic value than all of America between Bangor and San Diego. (An additional consequence of this was a view of real-estate value that more than any other factor had persuaded Japanese businessmen that American real-estate, which, after all, looked pretty much the same as that in their own country, had to be worth more than what the foolish Americans charged for it.) By the early 1990's had come disquieting thoughts. The precipitous decline of the Japanese stock market had threatened to put calls on the large margin accounts, and made some businessmen think about selling their land holdings to cover their exposures. With that had come the stunning but unsurprising realization that nobody wanted to pay book value for a parcel of land; that although everyone accepted book value in the abstract, actually paying the assumed price was, well, not terribly realistic. The result was that the single card supporting the rest of the house had been quietly removed from the bottom of the structure and awaited only a puff of breeze to cause the entire edifice to collapse—a possibility studiously ignored in the discourse between senior executives.
Until now.
The men sitting in the tub were friends and associates of many years' standing, and with Kozo Matsuda's quiet and dignified announcement of his company's current cash-flow difficulties, all of them saw collective disaster on a horizon that was suddenly far closer than they had expected only two hours earlier. The bankers present could offer loans, but interest rates were higher now. The industrialists could offer favors, but those would affect the bottom-line profits of their operations, with adverse effects on already-staggering stock prices. Yes, they could save their friend from ruin, along with which, in their society, came personal disgrace that would forever remove him from this intimate group. If they didn't, he would have to take his "best" chance, to put some of his office buildings, quietly, on the market, hoping, quietly, that someone would purchase them at something akin to the assumed value. But that was most unlikely—this they knew; they themselves would not be willing to do it—and if it became known that "book value" was as fictional as the writings of Jules Verne, then they would suffer, too. The bankers would have to admit that the security of their loans, and consequently the security of their depositors' money, was also a hollow fiction. A quantity of "real" money so massive as to be comprehended only as a number would be seen to have vanished as though by some sort of evil magic. For all these reasons, they would do what had to be done, they would help Matsuda and his company, receiving concessions in return, of course, but fronting the money he and his operations needed.
The problem was that although they could do it once, probably twice, and maybe even a third time, events would soon cascade, finding their own precipitous momentum, and there would soon come a time when they could not do what was necessary to support the house of cards. The consequences were not easily contemplated.
All six of the men looked down at the water, unable to meet the eyes of the others, because their society did not easily allow men to communicate fear, and fear is what they all felt. They were responsible, after all. Their corporations were in their own hands, ruled as autocratically as the holdings of a J. P. Morgan. With their control came a lavish lifestyle, immense personal power, and, ultimately, total personal accountability. All the decisions had been theirs, after all, and if those decisions had been faulty, then the responsibility was theirs in a society where public failure was as painful as death.