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.
Japan will impose additional sanctions on Russia for failing to defuse the crisis in Ukraine, where the recent downing of a Malaysia Airlines jet killed all 298 people aboard, the government said Monday. (Kyodo)
Grand champion Hakuho defeated his Mongolian compatriot, Harumafuji, on Sunday to win his 30th career title at the Nagoya Grand Sumo Tournament, edging closer to the all-time championship record in Japan's ancient sport.
Eleven people died, one person remains unconscious and two are missing after water-related accidents across Japan over the weekend, police and Fire and Disaster Management Agency officials said Monday. (Japan Today)
The results of a poll to pick the 16 singers who will perform on the next single by SNH48, the Shanghai-based sister group of the hugely popular all-female pop group AKB48, were released over the weekend at an event that drew more than 3,000 fans. (Japan Times)