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 nation's nuclear watchdog has put the kibosh on plans by Tokyo Electric Power Co. to start freezing underground soil at the crippled Fukushima No. 1 nuclear power plant--a stunningly expensive project intended to solve the crisis of accumulating radioactive groundwater at the site. (Asahi)
An LDP lawmaker who created a stir in conservative Japan by filing for paternity leave when his child was born now stands accused of flagrant double standards over an alleged extramarital relationship with a model. (Japan Times)
Japanese actor Ken Watanabe was diagnosed with an early-stage stomach cancer, his agent said Tuesday, adding the actor, who starred in a Broadway musical in 2015, has already undergone endoscopic surgery to remove it. (Kyodo)
The Japanese government decided at a cabinet meeting Tuesday to withdraw its recommendation of Christianity-related historic facilities and sites in Nagasaki and Kumamoto prefectures for addition to the UNESCO World Heritage List. (Jiji Press)
Following a stabbing incident that left one woman dead and another injured, Hokkaido Prefectural Police announced on Monday that a 30-year-old man is wanted in connection with the crime, reports the Yomiuri Shimbun (Tokyo Reporter)