Yet Hong Kong proved the Nobel prize-winning economist wrong by burning speculators, exiting elegantly and making a mint in the process. The government steamed into the market with a $15bn cheque, equivalent to 30 days' turnover at then-prevailing levels. To match that today, based on January's turnover, Japan would need to spend about $450bn. Hong Kong also used the time it bought to bolster its defences. It beefed up the currency board backing the peg to the US dollar, increased liquidity in the banking system and tightened stock market rules.
然而，香港用事實證明弗里德曼的判斷是錯誤的。它擊退了投機者，瀟灑退場，其間還賺了一筆。香港政府在市場投入150億美元，相當於當時30天的成交額。按照日本1月份的成交水準，要達到香港當時的（干預）規模，日本將需要投入約4500億美元。香港還利用買股票贏得的時間提高了防禦能力。它加強了支持盯住美元的「貨幣局」(currency board)制度，增加了銀行體系的流動性，嚴格了股市規則。
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