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，香港用事实证明弗里德曼的判断是错误的。它击退了投机者，潇洒退场，其间还赚了一笔。香港政府在市场投入150亿美元，相当于当时30天的成交额。按照日本1月份的成交水平，要达到香港当时的（干预）规模，日本将需要投入约4500亿美元。香港还利用买股票赢得的时间提高了防御能力。它加强了支持盯住美元的“货币局”(currency board)制度，增加了银行体系的流动性，严格了股市规则。
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