[USD/JPY: 139.87 (▼1.54)]
A spacious office with thick carpets covering the floor.
Seok-won sat alone at a white, L-shaped desk positioned to catch the sunlight. He wore a crisp white dress shirt and a silk tie adorned with the Gucci logo.
His gaze was fixed on the multiple monitors displaying stock charts and exchange rate graphs.
The yen, which had been steadily falling, was now approaching 140 per dollar. Seok-won ran a hand over his clean-shaven jaw and muttered to himself.
"If the psychological barrier of 140 yen is broken, market panic will only grow."
Those who had shorted the yen would likely intensify their attacks, taking advantage of the rising fear.
Despite the Japanese government's desperate efforts to stabilize the yen, and the United States' unease with a weak yen, the exchange rate continued to surge. Russia's instability was also playing a part.
"The economic crisis shows no signs of calming and is spreading from Asia to Russia. It's natural for investors to pull money out and move it into safe assets."
Under normal circumstances, the yen—considered a safe asset—would strengthen alongside the dollar.
But the aftermath of the bubble collapse, combined with tens of trillions of yen in bad debt, had caused Japanese financial institutions to face cascading bankruptcies. As a result, the yen could no longer serve its traditional role as a safe haven.
"Instead, it's become a target for short selling."
The ripple effect of this situation was being felt elsewhere. Even the Korean won, which had been gradually stabilizing thanks to foreign investors regaining confidence through gold accumulation campaigns and short-term debt extensions, struggled to drop below 1,300 per dollar.
"It's fortunate if it stays sideways. The problem is that as the situation in Russia worsens, it keeps creeping upwards."
This was largely because the U.S. dollar was showing overwhelming strength.
Seok-won shifted his gaze to the nearby monitor displaying the KOSPI index, his expression tense.
[KOSPI: 384.71 (▼32.11)]
"The index that passed 550 just four months ago has fallen this much. Once again, only the small investors are taking the hit."
Seeing the stock index surge sharply, many investors had borrowed money to buy stocks, fueled by expectations that the market would recover after surviving the IMF crisis.
Because of this, the current decline was even more painful than the previous crash, with a deeper drop looming.
As Seok-won stared at the KOSPI index with a heavy expression, his phone, resting on the corner of the desk, vibrated.
He checked the name on the screen and answered immediately.
"Did the deal go smoothly?"
[Yes. We just finalized a contract to purchase 470 tons of gold bars from the Russian central bank for 4.5 billion dollars.]
Hearing from Landon in Moscow, Seok-won's lips curved into a satisfied smile.
[The plan is to transfer the full payment within a week and transport the gold to Korea via a special cargo plane.]
"Good work."
Landon glanced cautiously before speaking again.
[We purchased the gold as instructed, but this means the Russian government will secure a large amount of the dollars they were short on. Isn't this unfavorable for us, given our short positions on their government bonds?]
Seok-won, unlike the concerned Landon, leaned back calmly in his chair.
"Even if they get the cash, it'll slip through their fingers like sand. They'll spend it quickly, so there's nothing to worry about."
His confident tone left Landon without any further words.
[Just in case something happens along the way, I'll stay in Moscow until the special cargo plane departs.]
"Do that."
Seok-won then seemed to remember something and asked,
"Ah, and what about the instructions I gave separately?"
[Are you referring to First Deputy Chief Vladimir Putin of the Presidential Administration?]
"Yes."
[As instructed, we handed him the cash—ten million dollars—along with the gifts.]
"Good work."
[He seemed to have gained considerable trust from President Ivanov, but he's still just the First Deputy Chief of the Presidential Administration, not exactly a major political figure. Is there a particular reason you went to such lengths?]
Landon looked puzzled, prompting Seok-won to smile knowingly.
"He may just be a deputy chief for now, but you can't assume he'll stay that way. That's why it's worth investing early. Besides, the position of First Deputy Chief of the Presidential Administration isn't exactly insignificant."
[Well, that's true.]
Though Landon's doubts weren't completely resolved, he decided to let it slide, assuming Seok-won had his reasons.
"Make sure everything is wrapped up properly and then return."
[Yes. Don't worry. I'll contact you again if there are any updates.]
"Do that."
Seok-won set down the phone and smiled broadly, revealing his teeth.
"No one would believe it if Vladimir Putin became both Prime Minister and acting President in just a few months and then Russia's second president."
It was natural—he was not even mentioned as a potential future leader, either abroad or within Russia itself.
"Yet, he seized power in an instant while the government was in chaos and then, for decades, effectively ruled as a single leader, controlling the vast expanse of Russia. That's impressive."
In truth, Vladimir Putin's leadership and personal abilities were exceptional, but luck had also played a role.
After Putin came to power, the world experienced an IT bubble-driven boom and the era of high oil prices arrived.
"Come to think of it, Russia's current economic crisis is partly due to the collapse in oil prices."
With the foreign exchange crisis spreading from South America to Asia, global oil demand plummeted.
Meanwhile, a production rivalry between OPEC members Venezuela and Saudi Arabia caused oil to be pumped excessively, delivering a massive shock to international oil prices.
With demand falling, they should have cut production, but instead, output increased, causing prices to crash.
"Russia, who had stayed out of it, ended up taking the hit."
When international oil prices, previously hovering around $20 per barrel, suddenly dropped to $10, Russia's revenue from oil exports was cut in half.
Moreover, Russia's production costs were much higher than those of Saudi Arabia and other Middle Eastern countries, so their actual losses were even greater—more than half.
"On top of an already struggling budget, their main revenue from oil and gas shrank dramatically. If Russia's economy were functioning normally under those conditions, that would have been the real anomaly."
Eventually, international oil prices began to rise again as Venezuela, which had sparked the production rivalry, stopped increasing output and started cutting production toward the end of the year.
Russia, too, was able to regain a foothold as revenues from oil and natural gas exports began to recover.
"If it weren't for the rise in oil prices, even someone like Putin wouldn't have been able to revive Russia so quickly."
For over 18 years, international oil prices had rarely fallen below $30 per barrel, but over ten years they had surged sharply to $100 per barrel, putting oil-producing countries like Russia on a financial windfall.
The Russia that regained its strength would eventually turn into a villain and cause havoc—but that was a story for the distant future.
Seok-won's interest in cultivating a relationship with Putin was to capitalize on the soaring international oil prices and secure a substantial profit for himself.
"The other oil-producing countries, including those in the Middle East, are tightly controlled by the established powers. I have no way to break in. I need to seize Russia first, which is still basically an open house."
Beyond oil and natural gas, Russia possessed many profitable underground resources, making it feel to him like a treasure island with unimaginable riches buried beneath the surface.
While he contemplated how to siphon wealth from Russia in the future, there was a knock at the door. Na Seongmi entered carrying a stack of documents.
"These are reports on additional digital wave exports, along with the documents for your approval today."
She placed the folder on the desk as she spoke.
"Ah, I see."
Seok-won straightened his posture and picked up the top document to review it.
Then he looked up at Na Seongmi standing across the desk and said,
"By the way, the flower basket you sent to the hospital last time was an excellent choice. My sister-in-law said it included her favorite flowers and really liked it."
"I'm glad to hear that."
Na Seongmi looked pleased, proud that she had chosen the flowers with care.
"I also have a question. Does our company provide any support if employees have children?"
The unexpected question made Na Seongmi tilt her head slightly before answering.
"I'm not entirely sure, but I don't think there's any special support like that."
"What about parental leave?"
"There is, but almost no one uses it."
"Why is that?"
Na Seongmi's expression briefly turned a little bitter before she quickly composed herself.
"Most female employees tend to resign immediately after getting married, so there's rarely a need to use it."
"I see."
Recalling that it was 1998, Seok-won nodded.
"Alright. You may go now."
Na Seongmi bowed slightly and then turned to leave the room.
Once the door closed, Seok-won clicked his tongue and licked his lips.
"Well, back then, female employees resigned as soon as they got married, so there was no chance to take parental leave at all."
Even if they continued working after marriage, the office atmosphere made it difficult to ask for several months of parental leave.
As a result, women naturally ended up leaving the company. Even if they wanted to return after raising their children, there were hardly any companies willing to hire them again.
Male employees faced similar issues. They weren't eligible for parental leave, and with childcare costs steadily increasing over time, they were forced to have fewer children.
"You could say the low birth rate problem started even back then."
He didn't have any grand ambition to solve the looming birthrate crisis, but ignoring it felt uncomfortable.
Normally, it would have been too distant a concern to think about, but seeing his sister-in-law and his newborn nephew sparked a natural interest in issues related to childbirth and childcare.
"It will cost a fair amount, but money isn't exactly in short supply."
Given the immense profits the company had earned—and the substantial taxes paid to the government—allocating some funds to employee welfare could boost the company's reputation and morale, making it a profitable move.
Tapping his fingertips on the desk once more in thought, Seok-won soon made up his mind.
He reached out and pressed the intercom button.
[Yes, sir. Please go ahead.]
"Contact Executive Director Yoon and have him come here immediately."
[Understood.]
Leaning back in the plush chair, Seok-won gazed at the ceiling.
"Money isn't meant to be hoarded. The more you spend it, the more will come back to you."