The Conglomerate Family Became A Villain [EN]: Chapter 259

259. Tokyo vs. America (3)

The Louvre Accord, initiated at the start of the year, ultimately failed due to the sharply conflicting interests of each participating country.

“Japan must have thought, ‘We’ve already made so many concessions. Any further compromises would be worse than the surrender terms of World War II,'” Sarah remarked.

She sat across from Jung Hyun-woo.

The two were enjoying a rare moment of respite in the spacious living room. However, their conversation remained centered on international affairs, investments, and company management.

“And America felt the complete opposite, right?” Sarah inquired.

Jung Hyun-woo nodded in response to her question.

“Exactly. The yen is still undervalued, and America’s trade deficit with Japan persists. What genuine efforts is Japan making to address this? Tokyo’s downtown is perpetually bustling, while America briefly slipped into a recession in 1986.”

Sarah placed her coffee cup, a piece from a renowned porcelain maker, on the table and stated, “That’s right. Despite the changes since the Plaza Accord, the trade deficit with Japan remains. America is still losing money to Japan.”

She characterized the trade deficit as a financial loss.

“Losing money? That’s a rather strong way to phrase it,” Jung Hyun-woo commented.

“That’s the sentiment among the American people and politicians.”

“So, America wants Japan to concede even more.”

“They’ll continue to demand compliance with the Semiconductor Agreement and push for a further increase in the yen’s value.”

Jung Hyun-woo sighed softly.

“Looking at the external factors alone, Japan’s economy should be on the verge of collapse.”

But the reality painted a different picture.

The market capitalization of Japanese companies and Tokyo real estate were skyrocketing.

“Either way, Japanese goods are selling exceptionally well.”

In the gaming industry, Nintendo ascended to global dominance, while Toyota reigned supreme in the American auto market.

Japanese electronics firms, spearheaded by Sony, were equally impressive. They emerged as market leaders in advanced sectors like semiconductors, as well as in consumer electronics like TVs, driven by their overwhelming price competitiveness.

“What’s your take on this, Sarah?” Jung Hyun-woo asked.

“That’s what I wanted to ask you, Charlie.”

“Let’s share our perspectives, then.”

“You go first, Charlie.”

Jung Hyun-woo shrugged and said, “I believe things will remain relatively stable for at least another year or two.”

“No significant changes?”

“Even if we wanted to implement changes, there’s limited room to maneuver. If the yen’s value increases further, the Japanese economy risks collapse, and Japan won’t permit that.”

Sarah picked up on his point. “If the yen’s value remains constant, the trade balance will also remain largely unchanged, correct?”

“It’ll improve marginally. That’s why I anticipate things staying relatively the same.”

If the trade balance showed slight improvement, Japan would assert the success of their policies and resist excessive American intervention.

Conversely, if the deficit decreased, America would perceive their pressure as somewhat effective and might ease their demands on Japan.

“So, that’s why you suggested we withdraw by 1990.”

“Precisely. What are your thoughts, Sarah?”

Sarah paused, gathering her thoughts before responding. “I believe the advantage will increasingly shift towards Japan.”

“Towards Japan?”

“Japanese goods continue to sell well. For instance, American auto companies won’t be able to close the gap with their Japanese counterparts in the short term.”

“Hmm, you’re suggesting they can’t erode the market share of Japanese goods, even with the strong yen.”

Sarah nodded.

“Exactly. That’s why Wall Street’s capital is being drawn into Japan. Just yesterday, even the notoriously frugal Goldman Sachs announced their investment in Japan.”

“Frugal? That’s a rather harsh assessment.”

“We’re just talking privately here.”

Sarah didn’t feel the need to concern herself with others’ opinions, as long as it wasn’t a public statement.

“So, you believe Japan’s golden age could extend further.”

“Perhaps their golden age hasn’t even truly begun yet.”

Summer of 1987.

There were quite a few individuals who shared Sarah’s sentiment.

In Japan, some were even proclaiming Japan’s imminent rise as a hegemonic power.

Of course, Jung Hyun-woo possessed knowledge of the future.

‘The bubble will inevitably burst, plunging Japan into a prolonged recession.’

Japan’s long-term economic stagnation, coupled with its aging population, would steadily diminish its economic stature.

“Predicting the future seems incredibly challenging.”

Sarah raised her right index finger and quoted, “Someone once said, ‘The future is not something to be predicted, but something to be responded to.'”

Jung Hyun-woo’s voice rose slightly at the end. “Aren’t you referring to stocks, not the future in general?”

“Is that so?”

“Well, regardless, it’s undeniably true that prediction is difficult.”

Sarah privately believed that events were more likely to unfold as Jung Hyun-woo predicted, rather than as she envisioned.

‘Because it’s Charlie, after all.’

She placed her trust in Jung Hyun-woo above anyone else.

* * *

July 4, 1987.

Independence Day.

Jung Hyun-woo received an unexpected visitor at his mansion.

“I was informed that someone from the Daewoon Group would be arriving, but I didn’t anticipate it would be Chief Hong.”

Chief Hong Won-ik stepped inside and raised his right hand in greeting.

“Had I known the house was this expansive, I would have brought additional staff members with me.”

Jung Hyun-woo tilted his head, puzzled.

“Weren’t you coming alone?”

“I came with the secretarial staff.”

It was at that moment, as Chief Hong Won-ik entered the living room, that Sarah emerged from the kitchen with tea and greeted him.

“Hello.”

Chief Hong Won-ik’s mind raced as he observed Sarah.

‘I haven’t heard any news of him getting married…’

He speculated that Jung Hyun-woo and Sarah might have secretly tied the knot.

“Hello,” he responded.

However, he refrained from inquiring about the nature of their relationship and took a seat.

Clunk.

Sarah placed the tea and teapot on the table and turned to Jung Hyun-woo.

“Charlie, I’ll be in the kitchen, so please let me know if you need anything.”

Jung Hyun-woo paused, then asked, “Sarah, is it necessary for you to go up to the second floor?”

During the day, the mansion was staffed with five servants, so Sarah wasn’t expected to handle chores like serving guests.

“He’s Charlie’s guest,” she replied.

Since Jung Hyun-woo was hosting a guest from his home country, she insisted on serving him personally.

Jung Hyun-woo appreciated the gesture but also felt it was somewhat excessive.

‘But if Sarah is determined to do it this way, I can’t really object.’

He briefly acknowledged her offer.

“Thank you.”

This single word was what Sarah had hoped to hear.

‘Oh, Charlie…’

She smiled and headed towards the kitchen. As soon as she disappeared from sight, Chief Hong Won-ik began to speak in a measured tone.

“It’s good to see you’re doing well.”

Jung Hyun-woo calmly accepted his words.

“It’s a rare day off.”

“Do you work even on holidays?”

“When there’s a heavy workload, I can’t afford to rest. Isn’t that right, Chief?”

Chief Hong Won-ik waved his right hand as if fanning himself.

“Things are relatively quiet on my end.”

The fact that the chief of staff’s workload had decreased indicated that Chairman Jung Woo-sun’s activities had diminished.

“Is Grandfather’s health deteriorating?”

Chief Hong Won-ik nodded.

“He only makes appearances about twice a month now.”

“I wasn’t aware it was that serious…”

“He might hand over the company to Min-young next year.”

Handing over the company signified stepping down from the active management role and assuming the position of honorary chairman.

“Then who will become the chairman of the Daewoon Group?”

“Vice Chairman Jang will take over on an interim basis.”

Jung Min-young was deemed too young to immediately assume the chairmanship of the entire group.

“Uncle will then become the vice chairman.”

“That’s the most logical arrangement, isn’t it?”

Jang Woon-young, the current vice chairman of Daewoon Group, would be promoted to chairman, and Jung Min-young, the designated successor, would be appointed as vice chairman.

Daewoon Group envisioned this as the central element of the 1988 executive reshuffle.

“What will become of you, Chief?”

“I’ll likely retire as well.”

“You’re too young to retire…”

Chief Hong Won-ik raised his right hand, palm facing outward.

“Since the chairman is stepping down, I should step down alongside him.”

He was Chairman Jung Woo-sun’s loyal confidant, so he would remain with him.

It was a natural progression, but Jung Hyun-woo felt that his experience would be wasted.

‘He’s not old enough to retire yet.’

Moreover, Chief Hong Won-ik’s expertise would undoubtedly benefit the Daewoon Group.

“Consider taking a position as president of a subsidiary.”

Chief Hong Won-ik responded curtly.

“No, thank you.”

He had been contemplating a graceful retirement for several years.

“You were hoping for the vice chairman position, weren’t you?”

Jung Min-young would become chairman, and he would ascend to the role of vice chairman.

It was a scenario he had once envisioned.

“I won’t deny it. But now, that prospect no longer appeals to me.”

If he had emerged victorious from the fierce competition with Jung Min-seok, he could have demanded the vice chairmanship as a reward for his contributions.

However, Jung Min-seok’s untimely passing in an unexpected accident had extinguished that dream.

‘A person without merit cannot demand a reward.’

He intended to leisurely reflect on his past life.

“There’s Daewoon Electronics.”

Chief Hong Won-ik couldn’t help but pause at Jung Hyun-woo’s words.

“Daewoon Electronics?”

Jung Hyun-woo lowered his voice and replied, “Daewoon Electronics is technically part of the Daewoon Group, but in reality, it’s essentially my company. I personally aspire to grow Daewoon Electronics into something akin to Samjung Electronics [Samsung Electronics].”

Of course, it wouldn’t be easy.

Daewoon Electronics lagged behind Samjung Electronics in terms of both company size and technological prowess.

‘Moreover, Samjung Electronics is poised to break free from its current limitations and expand globally.’

Jung Hyun-woo mentioned Samjung Electronics to entice Hong Won-ik, but he didn’t necessarily envision Daewoon Electronics mirroring Samjung Electronics’ growth trajectory.

A solid and substantial company.

The ideal he envisioned was more akin to Taiwan’s small and medium-sized enterprises than Samjung Electronics.

“Daewoon Electronics like Samjung Electronics?”

“Didn’t you advocate for setting ambitious goals?”

He was implying that he wasn’t expecting to replicate Samjung Electronics’ success overnight.

“Then you should seek someone other than me?”

“Aren’t you the person I trust the most, Chief Hong?”

Chief Hong Won-ik was well aware of who Jung Hyun-woo trusted even more than him.

“What about Secretary Choi?”

Choi Kyung-min.

He was the Daewoon Group employee whom Jung Hyun-woo trusted implicitly. However, Choi Kyung-min was lacking in certain areas.

“Secretary Choi is my man, but he has several shortcomings. And his age isn’t suitable for the position of president of Daewoon Electronics.”

He was implying that Choi Kyung-min would eventually take over, but not at this time.

“Hmm, are you suggesting that I serve as a bridge connecting Secretary Choi and you?”

“I hope you will become Secretary Choi’s mentor, not merely a bridge.”

Chief Hong Won-ik smiled faintly at the word “mentor.”

“Hahaha, that guy… He’s saying things I like to hear.”

Jung Hyun-woo emphasized his sincerity.

“Chief, I’m not just making empty promises. I genuinely want to grow Daewoon Electronics.”

He was being sincere.

“I’ll consider it.”

Chief Hong Won-ik didn’t dismiss the idea outright and remained open to the possibility.

This was because he had detected a genuine sincerity in Jung Hyun-woo’s words.

“Chief, I’ll treat you well.”

“Treat me well?”

“I have the authority to determine the salary of the president of Daewoon Electronics, don’t I?”

He would offer a higher salary than other affiliates.

Chief Hong Won-ik chuckled.

“I thought you were going to offer me a mansion in America.”

Jung Hyun-woo leaned forward and said, “I’ll give you a mansion too. Would LA be acceptable?”

Chief Hong Won-ik shook his head.

“That’s too much.”

“It’s not too much.”

“Hyun-woo.”

“If it weren’t for you, I wouldn’t be where I am today.”

Chief Hong Won-ik had served as a crucial buffer for Jung Hyun-woo.

“I’m not that virtuous of a person.”

He had taken care of Jung Hyun-woo out of guilt towards Jung Hyun-woo’s father, Jung Min-hyuk.

“Still, you did something that warrants such recognition.”

When Jung Hyun-woo persisted, Chief Hong Won-ik sighed softly.

“Hoo… I didn’t come here to discuss this.”

This time, Jung Hyun-woo didn’t back down either.

“I genuinely believe I need you for Daewoon Electronics.”

Chief Hong Won-ik raised his right hand.

“Let’s not conclude that discussion here. I have something else to talk about today.”

There was another matter to discuss.

Jung Hyun-woo surmised that Chief Hong Won-ik had traveled all the way to Boston specifically for this other matter.

“What other matter?”

Chief Hong Won-ik replied in a somber tone.

“It’s about the Daewoon Group.”

Daewoon Group.

Jung Hyun-woo couldn’t help but tilt his head, puzzled.

‘Isn’t the succession of the Daewoon Group already settled?’

Could it be that Chairman Jung Woo-sun intended to entrust the group to him?

Even if that were the case, Jung Hyun-woo couldn’t accept the offer.

He was already stretched thin managing Victoria Corporation.

‘I have no choice but to decline.’

Jung Hyun-woo raised his voice slightly, maintaining a calm demeanor.

“Chief, the Daewoon Group?”

Chief Hong Won-ik responded with his hands clasped together.

“The chairman doesn’t have a high opinion of Min-young’s abilities.”

Chairman Jung Woo-sun didn’t think highly of Jung Min-young. Even so, there was no other viable option.

“But Uncle is the only one left.”

Chief Hong Won-ik didn’t dispute his statement.

“Of course.”

He wanted to create an opportunity in a situation where there appeared to be none.

Jung Hyun-woo furrowed his brow.

‘If you attempt to force an opening where none exists, the existing structure may crumble.’

He believed that the succession of the Daewoon Group should proceed smoothly.

‘In this situation, it’s best to simply proceed with Uncle.’

Chief Hong Won-ik continued.

“The chairman asked you.”

Jung Hyun-woo’s eyes widened upon hearing Chairman Jung Woo-sun’s request.

“He asked me?”

“The chairman wants you to assist Min-young.”

Jung Hyun-woo shook his head from side to side.

“It’s impossible. I’m too preoccupied with managing my own company.”

Chief Hong Won-ik responded with his hands still clasped together.

“That’s not what he meant.”

“What do you mean?”

“What the chairman said… It doesn’t mean he wants you to return to Korea and directly assist Min-young.”

“Then what does it mean?”

“So…”

Chief Hong Won-ik paused for a moment before continuing.

“So, the chairman wants you to keep an eye on the Daewoon Group from time to time.”

Keep an eye on the Daewoon Group from time to time.

He was asking him to oversee and supervise the Daewoon Group to prevent it from going astray.

‘This is also a significant undertaking.’

Once Chairman Jung Woo-sun passed away, the Daewoon Group would become Jung Min-young’s responsibility.

Jung Hyun-woo was too young to offer unsolicited advice to Jung Min-young.

Moreover, there was the geographical distance between the United States and Korea.

“Chief, did Grandfather truly say that?”

Chief Hong Won-ik nodded.

“And the chairman added this: ‘Hyun-woo is the one who has reached the pinnacle among us.'”

Jung Hyun-woo couldn’t help but pause at his response.

‘Did Grandfather truly hold me in such high regard?’

The person who has reached the pinnacle among CEOs.

This was the ultimate form of praise.

“That’s too much.”

Chief Hong Won-ik said in a dry voice.

“It’s not too much.”

“It’s more than the offer I made earlier.”

Jung Hyun-woo wasn’t being self-deprecating; he genuinely believed it.

‘I haven’t achieved any groundbreaking innovations.’

I simply possessed knowledge of the future and made strategic investments.

Chief Hong Won-ik spread out his clasped hands.

“The chairman highly values you because you are not arrogant.”

He continued to elaborate.

“The chairman said that you are in your current position because you haven’t allowed success to make you arrogant.”

Jung Hyun-woo had often pushed initiatives forward unilaterally. However, he consistently held meetings and sought solutions through collaborative discussions.

“It’s almost impossible to possess sophistication at such a young age. But you have achieved it.”

He is both bold and prudent.

Jung Hyun-woo reflected as he listened to his words.

‘Can someone who has reached the top truly perceive the essence of others?’

He was able to possess both boldness and sophistication thanks to his memories of his past life.

“The chairman wants to entrust the company he built to the best advisor.”

Should it be likened to a Takgo Daeshin [a high-ranking official entrusted with overseeing the crown prince] in the Middle Ages or ancient times?

Jung Hyun-woo couldn’t help but let out a long sigh.

“Hoo… That’s a heavy burden.”

“I won’t pretend that the burden is light.”

Chief Hong Won-ik retrieved a white envelope from his pocket and handed it to Jung Hyun-woo.

“Take this.”

“What is this?”

“The compensation for assisting Min-young.”

It didn’t appear to be money.

Jung Hyun-woo carefully accepted the envelope and placed it to his right.

“Aren’t you going to open it?”

“I’ll open it after you leave.”

“You should open it now.”

At his suggestion, Jung Hyun-woo tore open the envelope. Inside was Chairman Jung Woo-sun’s will addressed to him.