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... nvestment companies revealed that their operations were entirely compliant with the law. The only explanation for the disaster was bad luck—hitting a stock that exploded like a landmine.

Over the past year, Japan had experienced a wave of enthusiasm for investing. Conversations about stocks, futures, and investments dominated social circles. But now, that passion had been completely extinguished. People became fearful of investing altogether.

The once-bustling offices of mortgage ...

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