A female projectionist is haunted by the image of a small boy while a killer prowls the city. The projectionist's relationship with her attractive and successful reporter friend drives the plot deeper into insanity.

At the time between the World Wars, Japan is involved in empire-building throughout East and Southeast Asia. After a brief career as a low-level military adventurer, Iheiji sets up chains of brothels throughout Asia. As Japan's power in the region grows, so does Iheiji's prosperity and patriotism.