At the Washington headquarters of the Fed, there were other questions, but just as few hard answers. The troublesome specter of inflation was not yet gone, and the current situation was unlikely to banish it further. The most immediate and obvious problem was that there would be—hell, one of the board noted, already was!—more purchasing power than there were products to buy. That meant yet another inflationary surge, and though the dollar would undoubtedly climb against the yen, what that really meant was that the yen would free-fall for a while and the dollar would actually fall as well with respect to other world currencies. And they couldn't have that. Another quarter point in the discount rate, they decided, effective immediately on the close of the Exchange. It would confuse the trading markets somewhat, but that was okay because the Fed knew what it was doing.

About the only good news on that score was the sudden surge in the purchase of Treasury notes. Probably Japanese banks, they knew without asking, hedging like hell to protect themselves. A smart move, they all noted. Their respect for their Japanese colleagues was genuine and not affected by the current irregularities which, they all hoped, would soon pass.

"Are we agreed?" Yamata asked.

"We can't stop now," a banker said. He could have gone on to say that they and their entire country were poised on the edge of an abyss so deep that the bottom could not be seen. He didn't have to. They all stood on the same edge, and looking down, they saw not the lacquered table around which they sat, but only an infinity with economic death at the bottom of it.

Heads nodded around the table. There was a long moment of silence, and then Matsuda spoke.

"How did this ever come to pass?"

"It has always been inevitable, my friends," Yamata-san said, a fine edge of sadness in his voice. "Our country is like…like a city with no surrounding countryside, like a strong arm without a heart to send it blood. We've told ourselves for years that this is a normal state of affairs—but it is not, and we must remedy the situation or perish."

"It is a great gamble we undertake."

"Hai." It was hard for him not to smile.