I flagged the position in June. The review board called it commercial hedging. Kenzo Taniguchi had been doing it for nine years.

In June 1994, a surveillance officer flagged a single trading entity holding forward copper positions equivalent to 42% of global annual production. The compliance committee dismissed the warning, labeling it as commercial hedging, which later led to Yamada Industrial's $2.6 billion loss when copper prices plummeted.