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.
Seventy seated Buddhist monks intoned "nenbutsu" prayers and "wasan" hymns while swaying their bodies in unison during the annual memorial service at the famed Higashi-Honganji temple in Shimogyo Ward here on Nov. 28. (Asahi)
Tokyo Metropolitan Police on Friday re-arrested more than a dozen suspects, including one organized crime member, as a part of an ongoing health insurance fraud investigation that now includes comedians affiliated with a major entertainment agency, reports Sports Hochi (Nov. 28). (Tokyo Reporter)
No major gangster bloodbath has occurred in the three months since Japan's largest yakuza organization, Yamaguchi-gumi, split into two rival mobs, but to say the sides are living in harmony would be an exaggeration. (Asahi)
Government figures show a sharp and continuous fall-off in the number of farmers over the past five years that potentially threatens the landscape as its stewards leave the sector and are not replaced. (Japan Times)