Blacklisted by Ikezawa and squeezed by the regulatory commission, Sapphire nears bankruptcy. After confronting her mother, Megumi seeks out Muranishi.

Back in Japan, the Showa era is ending and Kaoru Kuroki has become a sensation. Sapphire and Poseidon are cranking out videos, but a crackdown looms.

Toshi takes matters with the yakuza into his own hands. The other Diamond staff members slowly move on with their lives.

Muranishi gives Miyuki a new name: Mariko Nogi. But Diamond is running out of money, and as the bubble economy bursts, they have to find new revenue.

Muranishi and Toshi move onto selling porn magazines, starting their own bookstore chain in Hokkaido. But their success attracts unwanted attention.

Muranishi takes his crew to Hawaii for an ambitious make-or-break shoot with Allison, a famous American porn star. Toshi goes to Furuya for help.

The year is 1990, and Muranishi is riding high. When his investment banker introduces him to the concept of satellite TV, he finds his next big thing.

Sapphire Pictures is rebranded into the more upscale Diamond Visual. A shy woman named Miyuki responds to a casting call and winds up shadowing Kaoru.

To raise money for a satellite channel, Muranishi starts cranking out videos and pushing boundaries, but he ends up neglecting Kaoru, his biggest star.

While the Diamond staff fumes, Muranishi desperately searches for a way to make the next satellite payment and keep the business afloat.