Without any other reasonable explanation, the Japanese financial media had to regard the Muddy Waters report as the only legal explanation. However, this report is a bit of a big deal in the eyes of most investors. How many properties and projects does Seibu Group have in Japan and the world? A mere Swiss ski resort is nothing. After all, Seibu Group is likely not doing this on purpose, but it just accidentally missed its ski resort.

However, it was a financial fraud? The Tokyo Stock Exchange still warned Seibu Group. Seibu Group said that it was because of negligence in work of financial personnel that it mistakenly counted a ski resort in Austria into Switzerland. It also corrected its financial report in a timely manner. Not long after the announcement was issued, early the next morning, investors who lost money yesterday prayed that Seibu Group stocks could rebound immediately today and let them recover their losses yesterday.

Just as all investors were looking forward to it, Seibu Group stocks and bonds were firmly blocked at the limit down from the call auction. Many investors who wanted to get a bargain yesterday lost 10% of their principal. What's more, even if everyone wanted to run away, they couldn't escape because everyone was waiting for others to take over their stocks.

The Seibu-sponsored double-killing of stocks and bonds in the Tokyo stock trading market is definitely a major blow to investors. If the stock and bonds on the first day were caused by the Seibu Group's financial report omission, then what is the purpose of the second stock and bonds?

The two consecutive two-day decline made Seibu Group feel helpless. They have not encountered any business difficulties during this period, but the group's stocks and bonds have dropped by 20% of the market value. In just two days, Yoshiaki Tsuki's net worth shrank by more than 25 billion US dollars. But he didn't even know why.

During the afternoon market, Seibu Group investors received the latest news about Seibu Group. Tsuyoshi Akira announced that he would spend 100 billion yen to increase his holdings of Seibu Group stocks due to his optimism about the future development prospects of Seibu Group. This news quickly brought confidence to the market. As soon as the market opened in the afternoon, Seibu Group stocks began to counterattack across the county and soon returned to the price at yesterday's closing. Many investors saw Seibu Group's strong rebound and followed them no longer hesitated. Just as Seibu Group bulls planned to take advantage of the victory.

At that time, the invisible demon in the market took action again. In just five minutes, the counterattack of the Seibu Group was suppressed again. Both the stock market and the foreign exchange market were blocked at the limit. Seeing the huge terrifying order block in the stock market, it was as high as 1500 billion yen, which means that unless someone could spend 10 billion US dollars to eat this order, this financial power made people feel extremely desperate. Who is so unfavorable to Seibu Group and insist on killing him?

All investors urgently need an explanation, an explanation that they can accept. However, except for yesterday's news about ski resorts in Switzerland, there was no negative news about Seibu Group. This made investors unable to understand why they lost money no matter what.

Now the entire Japanese financial industry cannot give a legal explanation for the sniping of Seibu Group's stock price. Muddy Waters Research Company, far away in Switzerland, sent the latest research report to Yomiuri Shimbun. This report was written based on public information of Seibu Group. In this report, Muddy Waters Company pointed out that Seibu Group's overall debt ratio has exceeded all its assets. To put it clearly, it is insolvent. This is not a new discovery. A few years ago, a local research institution in Japan published a similar report. However, commercial real estate developers are originally a high-debt industry. Real estate development involves construction, design, building materials and other related industries. Developers usually go from

Banks borrow funds to purchase land, and then mortgage the land to the bank to obtain more capital and then purchase land. The whole process is like a snowball. In the construction of real estate projects, construction contractors, building materials suppliers, and even building designers have to advance funds for the projects they undertake. It is precisely because of this that although the real estate industry in Japan is in full swing now, the construction contractors, design companies, building materials suppliers and other related service agencies that are actually responsible for construction have not made the most profit. Most of the money has entered the hands of real estate developers. It can be said that using other people's money to make money is an open secret of the real estate developers industry, so the debt ratio of developers is generally more than 70%.

With the status of Seibu Group in Japan, if they develop a project, the cost will be lower. Banks will give it the best credit due to the scale of Seibu Group. Even without collateral, a business card of Tsukiyoshi can borrow hundreds of millions of yen from Japanese banking institutions. Those construction contractors and building materials suppliers line up to hope to cooperate with Seibu Group, and Seibu Group will naturally choose companies that can provide more advances for the project. For this reason, although Seibu Group's projects are all over Japan, they do not use much of their own funds in Japan. These funds have been exchanged for US dollars by Seibu Group for overseas projects because of the appreciation of the yen.

Although the truth is this, no one cares about Seibu Group's debt problem when the Japanese real estate industry continues to rise and there is no turning point at all. Because everyone believes that Japan's land prices will continue to rise.

Seriosha knew that he could not directly confront the Japanese government's huge foreign exchange reserves, but it was more than enough to deal with Seibhu Group, the largest real estate developer in Japan. All of this was part of Seriosha's plan, including Lebedev's muddy waters, which meant to take advantage of the troubled waters. Seriosha was to defeat the invincible myth of Seibhu Group, which triggered a debt crisis in the entire Japanese financial market.

The two consecutive days of double-debt killings in stocks and bonds have made Tsukiyoshi understand that someone behind him is making trouble. He dare not suspend trading now because once the trading is suspended, investors think that something is wrong with Seibu Group. The only way in front of Tsukiyoshi is to face the provocation of the opponent in the stock and bond market of the Tokyo Stock Exchange, and use his strong financial resources to pull up the Seibu Group's stock price.
Chapter completed!