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.
A drone normally used for aerial photography by broadcaster Tokyo Metropolitan Television Broadcasting Corp (Tokyo MX) was found on the grounds of the British Embassy in Tokyo on April 23, the company admitted Saturday. (Japan Today)
Japan's 140-member supergroup AKB48 is holding its second annual draft next month, in which sub-teams will choose new members from a draft of 48 young hopefuls. And among the finalists is one of the youngest potential members the group has ever seen. (Japan Today)
If you're tired of receiving vacant smiles and flippant customer service at your local grocery store, you may want to make a trip to Japan, where the customer always comes first and every transaction is concluded with a graceful bow. (rocketnews24.com)
Robots and dinosaurs mingled with cosplayers as Japan's largest video-sharing website Niconico on Saturday opened its two-day meet-up gala which is expected to attract more than 100,000 fans for the offline get together. (Japan Today)
Survivors and bereaved families of victims on Saturday marked the 10th anniversary of a fatal train derailment in western Japan that took the lives of 107 people, hoping such an accident never happens again. (Kyodo)
Fukuoka Prefectural Police on Friday took the acting chairman of the Kudo-kai organized crime group into custody for a shooting death that took place seven years ago, reports the Sankei Shimbun (April 24). (Tokyo Reporter)