From the signing of the Plaza Accord to the end of 1988, the Japanese yen appreciated by 93 percent against the US dollar.
In 1989, Gu Sheng began gradually withdrawing his funds from Japan's stock market and real estate sector, buying up large numbers of industrial businesses and then relocating them to Hong Kong Island and Malaysia.
During this period, Japan's industrial sector all but collapsed.
Whatever the technology or manufacturing process, it was all futile in the face of a 93 percent appreciation in the yen.
Six months after Gu Sheng pulled out, more than a dozen Tokyo real estate companies that had made names for themselves in recent years also went bankrupt, and their legal representatives disappeared.
Only when company employees reported it to the police did the police and banking system begin to notice, sending people to investigate.
The investigation uncovered a shocking result.
All these companies had used assets under their names as collateral at multiple banks. Some had even forged contracts to sell assets to multiple buyers after mortgaging them to several banks.
More than sixty-five banks were involved, with the sum exceeding 89 billion US dollars.
Yet the subsequent police investigation found that both the bank officers who had originally handled the loans and the companies' legal representatives had either disappeared or killed themselves at home.
The enormous case immediately shook all of Japan, and even the entire world.
It was called the biggest commercial fraud case in world financial history.
Gu Sheng never set foot in Japan again. He had no interest in the place anymore anyway.
He had relocated quite a few Japanese companies, and now owned large numbers of companies on Hong Kong Island, in Malaysia, and in Shenzhen.
Not only did vast quantities of electrical appliances, including color televisions,