Nui Onoue

Quick Facts: Who was Nui Onoue?

Subject:

Nui Onoue

Known for:

Japanese businesswoman who symbolized the bubble economy before being convicted of massive investment fraud.

Born:

1930-02-22

Died:

2014

Century / Era:

1930s Historical Era Archive

Verified Source:

2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

Nui Onoue (尾上縫, Onoue Nui; born 1930, died 2014) was the former owner of the Japanese restaurant "Egawa" in Osaka, Japan. At the end of the 1980s, Onoue for a short time handled astronomical sums of investment capital, becoming one of the people symbolizing the Japanese bubble economy. In the last stages of the bubble the financing of her stock purchases turned sour and she was arrested, tried and convicted of fraud involving financial institutions. Onoue's restaurant flourished when she earned a reputation of accurately predicting stock market trends and horse racing outcomes for her customers. With the advent of the bubble her predictions became uncanny, and many customers from security financing and banks visited her restaurant as she became better known as a fortune teller than a restaurant owner.

Pivotal Works & Achievements

Before long, she personally took large loans from banks and started trading stocks. During the bubble's climax in 1988, she had received loans from financial institutions of 227 billion yen, held close to 40 billion yen in timed deposits, had made a profit of 4.8 billion yen from stocks, purchased 28.8 billion yen worth of warikō discounted bonds, and paid 5.5 billion yen in margin interest to keep the portfolio afloat. By the climax of the economic bubble, Onoue had become the largest single investor in all of Japan, as well as one of the world's wealthiest people, with her portfolio having accumulated a worth of $4.4 billion. When the gloom of the bubble became visible, however, her investments suddenly worsened and she acquired astronomical debt. At that point she escalated a fraudulent behaviour that she had been involved in previously: her scam consisted of having bank managers of her acquaintance working at Tōyō Shinyo Kinko bank to issue fake certificates of deposit in her name, which she would present as proof to other financial institutions of her credit worthiness, against which other banks would in turn release securities against which she traded stocks and bonds.

Enduring Legacy & Impact

Until her arrest, she fraudulently acquired 342 billion yen from 12 financial institutions, including non-commercial banks. Before long this forgery of securities was discovered, which led to her arrest for fraud on August 13, 1991. The money she borrowed from financial institutions amounted to a total of 2 trillion 773.6 billion yen, with returned payments amounted to a total of 2 trillion 306 billion yen. The bankruptcy proceedings which began after her detention set her total debt at 430 billion yen, the highest ever accumulated by an individual in Japan. In court, Onoue's lawyers hoped to argue that she held no responsibility as she had absolutely no knowledge of stocks and was being manipulated by her surroundings; the defense strategy failed and she was sentenced to 12 years in prison.

Chronological Milestones & Life Events

1. 1930 (1930-02-22): Birth of Nui Onoue — Japanese businesswoman who symbolized the bubble economy before being convicted of massive investment fraud.
2. 1988: 1988 Milestone — During the bubble's climax in 1988, she had received loans from financial institutions of 227 billion yen, held close to 40 billion yen in timed deposits, had made a profit of 4.
3. 1991: 1991 Milestone — Before long this forgery of securities was discovered, which led to her arrest for fraud on August 13, 1991.
4. 2014: Passing & Historical Legacy — Nui Onoue passed away on 2014, leaving an enduring historical legacy.

Historical Fact-Check Quiz: Nui Onoue

True or False: “Did Nui Onoue's initial success in predicting stock market trends stem from her expertise as a professional financial analyst?”

Answer (FALSE ❌): Her early reputation was built on accurately predicting stock market trends and horse racing outcomes for customers at her restaurant.

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Frequently Asked Questions about Nui Onoue