Asakichi beats a ganster, Sada, in a physical fight, leading to recognition by Sada's clan boss. When Kotoito, the geisha Asakichi is in love with, is kidnapped by a rival clan and sold to a a house of pleasure, Asakichi and Sada set out to rescue her.

In late 1940 the Japanese were anxious to conclude peace in China and to that end sent Colonel Hidaka to inaugurate negotiations. He was mysteriously assassinated, however, when his car was blown up. The General Staff Headquarters in Japan, sends Lieutenant Shiina, a graduate of the famed Nakano School of Spies inaugurated by Colonel Kusanagi, to investigate the matter. Arriving in Shanghai, he disguises himself as a Chinese coolie and sets out to watch for developments, the only clue being a silver dollar found beside what was left of the victim.

Ronin samurai Ibuki-san enters a town and sells his skills to the warring families. He falls in love with the beautiful horse stable owner but like all heroes, cannot stay.