In these circumstances, stock prices on Japan's exchanges rose steeply and trading volume reached record highs. The boom lasted about two years, continuing through the first half of 1917. At the close of 1916, the stock price index of the Osaka Securities Exchange reached an all-time high amidst a strong bull market. In the battle on the floor, Tokushichi was a major protagonist. The military metaphor is sadly apt, for Tokushichi was faced by a resolute opponent, his old friend Einosuke Iwamoto, who led the selling offensive. The drama was to end in tragedy. With each day's war news, the market fluctuated, and buyers and sellers engaged in heated combat. Before the United States had entered the war and before the Russian collapse - the first event pointing to Germany's inevitable defeat, the second postponing it - Tokushichi had adapted his market position appropriately and consolidated his gains, which were by far the largest in the history of the firm. So, Tokushichi emerged victorious. Rocked by severe losses, Iwamoto never recovered.
