The biggest female financial fraudster in history!

    These are screenshots from a Japanese TV program in '89 while she was coming off the peak of her financial prowess, with interesting footage showing the interior of one of two ryotei (Japanese restaurants) she operated & also the unbelievable stacks of Tokyo-listed securities worth billions of yen(maybe even dollars!) stuffed in a bag. Below is a capture of a whole bundle of NTT shares, back then the most expensive in the world at over ¥2,000,000 a share. She had beginners' luck on these when she was new in the market in 1987, getting a bundle of them during the IPO & making an estimated  ¥4.8 billion when they soared to a high of ¥3,180,000 shortly after listing. 

   Those gains were then parlayed into more shares which were used as collateral for inconceivable hundreds of billions of yen of debt to purchase yet more shares [ she was the largest individual holder of  Industrial Bank of Japan {see below} & also held many millions of shares in Daiichi-Kangyo Bank, Sumitomo Bank & Tokyo Electric Power among many others ]  just as many blue chip stocks were peaking from 1987-1990. Her two restaurants were mortgaged beyond the hilt for ¥300 billion in loans to help support a peak debt of a mind-boggling ¥2.77 trillion in 1989! One of them, the Daikokuya, was eventually sold by the legacy creditor after the dust of collapse [hers & many other banks & non-banks] settled, for a mere ¥30 million in 2002!

    With the central bank, the  Bank of Japan, raising interest rates punitively from 2.5% to a peak of 6% in August 1990, her interest payments soon ballooned to a scarcely believable (& scary!) ¥172 million yen per day or thereabouts. The collapsing house of cards that was the Tokyo stock & property markets in 1990-1991 eventuated into a realised loss of ¥430 billion: a record figure for that country! Thus, via fraudulent borrowing with counterfeit deposit certificates of ¥340 billion that saw recovery on only fractions of the full amount, the Osaka restauranteur was the protagonist in the collapse of at least 3 banks & other financial institutions, with the most valuable company in the world in 1989, the Industrial Bank of Japan {see above}, her main financier parlaying ¥240 billion, being forced into a tripartite merger of fellow financial behemoths 11 years later & vanishing from existence.

The CRAZY price action on YTL Corp shares in Tokyo trading !

 Average price was ¥ 51.81 , a 49% premium to the price in its home market, which then narrowed to 27% at the Japan close.

Verdict: Just an old-fashioned Nipponese ramp, which happened to many stocks I profited on, including Katsuragawa Electric, YKT Corp, Fujisash, Sansha Electric & OKK! Don't place too great a significance on today, in light of the huge retreat leaving a long tail on the day's candlestick!

The probability is stacked heavily in favour of Naim heading to $1 & beyond!

 

 

Prediction for Naim after the 2nd LARGEST SURGE in its history on Independence Day