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.
Police arrested a 40-year-old man Monday for allegedly setting fire to his own home in Kitsuki, Oita Prefecture, where four bodies, believed to be his children, were found amid the burned wreckage. (Japan Times)
Japan on Saturday pledged $6.1 billion in financial aid to the "Mekong Five" countries as it pushes infrastructure exports and courts influence in a region where rival China has an increasing presence. (arabnews.com)
A 26-year-old man was arrested Sunday for allegedly confining in his car an 11-year-old schoolgirl who went missing the day before in Nara Prefecture while shopping with her family, police said. (Kyodo)
A drug control division of the health ministry on Saturday announced the arrest of a former executive of public broadcaster NHK for the importation of so-called "dangerous drugs," reports the Sankei Shimbun (July 4). (Tokyo Reporter)
rown Prince Naruhito and Crown Princess Masako, who are visiting Tonga, attended the coronation of King Tupou VI of Tonga held at a church in its capital, Nukualofa, on Saturday. This is the first time in two years that Crown Princess Masako has engaged in official duties overseas. (The Japan News)
Nearly 40 percent of single people in their 20s and 30s do not want a romantic partner, according to a survey by the Cabinet Office released in June. The survey was included in a government white paper on Japan's notoriously low birthrate that also found 46.2 percent of singles claiming that relationships were "bothersome." (Japan Times)
The 71-year-old man who set himself on fire on a Tokaido Shinkansen train on Tuesday told his sister he might kill himself during a phone conversation about 10 days before the incident, The Yomiuri Shimbun was told by the sister. (The Japan News)