Alternative assets that buck the markets have been a sweet spot for global investors seeking higher yields. For many in Japan, where the Nikkei 225 has fallen 36% since August 2000 and bond yields have been minimal, the search for that sweet spot led them to cows.
Several decades ago, Agura Bokujo, once Japan's second-largest beef producer, created a "wagyu beef ownership system" for retail investors, which promised returns of up to 8% every year, reports Japan Real Time. Investors could purchase "wagyu" cows for $35,000 to $58,000 per head with the promise of their spawning lucrative offspring. In Japan, wagyu cows are known as the "caviar of beef" because of the way their fat enhances flavor. They are pampered with beer and massages to enhance their unusual marbling, and they typically produce steaks that retail for several hundred dollars a pound. At the end of a several-year-long contract, the farm agreed to repurchase the cows from investors.
But as it turns out, the cows were in the wrong place at the wrong time. The discovery of foot-and-mouth disease in 2010 year caused beef prices to plunge, and the farm slaughtered 15,000 cows. Shortly thereafter, the region where the farm was located was leveled by a the 2011 earthquake and tsunami, which damaged the nearby Fukushima nuclear power plant.
The last section of the Joban Expressway, designed to connect the Tokyo metropolitan area with the Tohoku northeastern region, opened to traffic on Sunday after delays caused by the nuclear crisis that began almost four years ago. (The Japan News)
Japanese actress Rei Dan has been appointed an international goodwill ambassador for Japanese cuisine ("washoku"). Her mission is to spread appreciation for the many charms of "washoku," the agriculture ministry said. (Japan Today)
A 57-year-old man being investigated on a charge of possession of illegal drugs, who escaped from police by stealing a taxi in Shimonoseki, Yamaguchi Prefecture, on Feb 6, has turned himself in a police station. (Japan Today)