In Spring 1969, 21-year-old Megumi Yoshizumi goes to Wakamatsu Production. The company makes films popular with young people. Pink film director Koji Wakamatsu gathers there with young talented people who are all fascinated with movie making. When they are not making movies, they spend their time smoking, drinking alcohol, scouting for actresses and looking for material for their next film. When filming begins, everybody immerses themselves into the production and will do everything on the filming set from running, shouting to acting.

A man brutally murders a married couple and leaves the word “ikari” (“rage”) written with their blood. The killer undergoes plastic surgery and flees. At three different locations in Japan, a male stranger appears. People suspect that the stranger might be the murderer.