深く関わっていた企業がある。
4大証券の一つ、山一証券。
（取引の詳細、幹部社員の証言を記録した未公開の内部資料では） 山一証券と阪和興業の間で繰り返し行われていた違法取引”ニギリ”（=損をさ せない利回り保証)）。
利回りを保証し損をさせないと約束する代わり、巨額の取引を持ちかけていた。
e.g. 5.5%以上/ 資金50億円
There was a company which got involved in this deeply.
Yamaichi Securities Co., Ltd., one of Japan’s biggest securities companies in those days.
According to unopened internal documents where testimonies of executives and details of deals were recorded, illegal deals so-called *“Nigiri” were repeatedly carried out between Yamaichi and Hanwa.
Yamaichi promised Hanwa that they secured yields and there would be no loss (=*Nigiri), but instead approached them with proposals of huge amount of deals.
e.g. Over 5.5% yield = ¥5 billion
Nigiri
Photo: Reuters
当時の株式部長 石原弘康さん（後に副社長まで登り詰める人）
初めて応じたインタビューで、ニギリに走った訳を語った。
「金融自由化で証券会社の顧客獲得競争に拍車がかかっていた。普通のノーマルな商いをしていればよかったんだけど、競争がそこで起きちゃっ た。そんな無茶するなよと腹に思っていても、うまくいっているからいいじゃな いのと。その時、ひどく叱責したり「それはダメだ」という雰囲気もなかった。」
当時阪和興業を担当していた幹部の証言では、運用総額は1500億にも登っていたと いう。
「通常の大きさを超えていた。幹部自らその異常さに気づいていた。」
財テクブームの影で密かに行われていたニギリ。株価は急激な上昇を見せていく。
Hiroyasu Ishihara, one of Yamaichi’s executives of those days, explained the reason why they started to undertake the dirty business in an interview.
“The competition of obtaining customers was extremely spurred by the financial liberalization. We should’ve done just normal business, but the competition happened. I was personally thinking that it might have been too much, but on the other hand, everything was working out so that there was no atmosphere where somebody pointed out the mistake or yelling at others.”
According to a testimony of Yamaichi’s executive who was in charge of Hanwa, the total use of Hanwa’s funds was over ¥150 billion in those days.
Real Estate Business
85年、1万円代だった株価は、4年後3倍以上に上がっていった。同じ頃、都心の一等地でも異常な事態が進んでいた。
自動車販売から不動産へ乗り出した麻布建物・元社長、渡辺喜太郎さん。
港区麻布町に駐車場用の土地を持っていた渡辺さん。
80年代後半、銀行から 巨額の融資を持ちかけられた。
「銀行はまだいけるまだいける、もっと金を借りて使え使え。」
これら無謀なことを促したのも金融自由化だった。
In 1985, the stock price was just over ¥10,000, but it became 3 times after 4 years. Back then, the abnormal state was happening at excellent pieces of land in Tokyo.
Take Azabu buildings ex-president Kitaro Watanabe for instance, he started real estate business although originally he had a business dedicated to car sales.
In 1980’s, he had a land for a parking lot around Mintato–ku Azabu-cho area which was one of the priciest areas in Japan.
In the late 80’s, banks approached him to get a huge amount of loan.
“Bankers said, you should borrow money more and more and invest them in something.” Kitaro Watanabe
What promoted these reckless stuff was also the financial liberalization.
Economic Bubble
それまで企業への融資で利益を上げていた銀行。
しかし多くの企業が、自ら金融市場で資金調達をするようになり、新たな融資先の開拓を迫られた。
目をつけたのは地価の上昇で業績を伸ばしていた、不動産業への融資だった。
渡辺さんは銀行の融資をもとに、都心に100か所以上土地を購入。ハワイのリゾートホテルやゴルフ場を相次いで買収、資産は一時 7,000 億を超えた。
「いい時代だね。いい時代ですよ。」
1980年代、バブルが膨らんでいった時代だった。
作家 元経済企画庁 堺屋太一
「バブル=とにかく忙しい。やたらとクラブやバーに呼ばれ、ワイワイ騒いで夜中の2時3時までタクシーを待ってた。不動産屋がいっぱいお金使ってくれた。みんな不動産屋になっていった。東京の不動産屋なんかは、ちょっと自宅持っているだけで、たちまちそれを担保に何十億借りて、次の土地を買って、また何十億借りて、ちょっと回せばいつでも儲かるという仕掛けができていた。」
Banks used to earn profits by financing to companies.
However, a lot of companies started to raise funds from financial markets by themselves and banks had to seek for new places for financing.
What they had their eye on was financing to real estate businesses which had increased track records because of the appreciation of land.
Watanabe (Azabu Buildings) bought more than 100 lands after getting loans from banks. He merged a resort hotel and golf courses one after another. His property exceeded ¥700 billion ($7 billion) at one time.
This was 1980’s when the economic bubble was expanding.
“Everyone was hectic anyway. I used to be invited to a fancy night club and bar, and we drank there up to the middle of the night. Then, we had to wait for a taxi until 2 or 3am. Everyone became a real estate agency. Realtors owning private housing in Tokyo borrowed ¥several billions on the security of the housing. Then, they bought lands and sold them on, again borrowed money and bought more expensive lands and something like this. There was sort of a trick where people could earn profits all the time by reselling lands.” Taichi Sakaiya (Economic Scholar)
