Society

Japanese Tech Giant SoftBank Invests $150 Million In Korean Metaverse Platform

Dec 03 (forbes.com) - Japanese billionaire Masayoshi Son’s SoftBank is investing $150 million in Asia’s busiest metaverse platform, the nascent but sizzling virtual world where people work and play through avatars.

SoftBank’s Vision Fund 2 made its investment in metaverse platform Zepeto, operated by Naver Z, a unit of Korean billionaire Lee Hae-jin's internet giant Naver, according to media reports. The investment values three-year-old Zepeto at more than $1 billion, according to the Wall Street Journal. Zepeto’s other investors include Korean billionaire Bang Si-hyuk's HYBE, which manages K-pop boy band BTS.

The Japanese tech investment giant invested in Zepeto because of the company’s large following, says Rajiv Biswas, Asia-Pacific chief economist with research firm IHS Markit. Zepeto has about 2 million active users a day, making it Asia’s busiest metaverse platform with about 2 million active users a day, according to the Wall Street Journal report. Market research firm Sensor Tower says Zepeto was downloaded 400,000 times in July this year alone.

Tokyo Plans Flat 3% Lodging Tax

Tokyo announced on November 26th that it will overhaul its lodging tax system by replacing the current fixed-rate structure with a uniform tax equivalent to 3% of accommodation fees, a move intended to respond to sharply rising hotel prices.

AI Fake Bear Image Prompts Safety Alerts in Miyagi Town

Onagawa in Miyagi Prefecture issued a warning on social media after receiving what was believed to be a photo of a bear spotted in town, but the image was later revealed to be a fake created with generative AI.

Kumamoto Begins Cleanup Following 5+ Quake

A powerful earthquake struck the Aso region of Kumamoto at around 6:01 p.m. on November 25th, toppling a residential gate in Aso City and scattering roof tiles across the road, while rockfalls and damage were reported in nearby areas.

20 People Trapped on Japan’s Tallest Ferris Wheel

A Ferris wheel at the Expocity commercial complex in Suita, Osaka, known as the tallest in Japan at 123 meters, came to an abrupt stop on November 25th after a lightning strike disabled its operating system, leaving 20 passengers trapped in nine gondolas until the early hours of the following morning.

Okinawa Water Crisis Hits Airport Restaurants

A large-scale water outage continued across parts of Okinawa on November 25th after a damaged pipeline caused significant leakage the previous day, with local authorities reporting ongoing disruptions as of 11:35 a.m.

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Three Women Arrested for Streetwalking in Osaka

Three women in their 20s to 30s were arrested in Osaka on suspicion of soliciting clients for prostitution on the streets of Umeda, with the arrests taking place on November in the hotel district of Taiyūji-cho in Osaka’s Kita Ward.

20 People Trapped on Japan’s Tallest Ferris Wheel

Japan Shocked by 'Human Trafficking' of Thai Girls

A Thai girl who was 12 at the time was forced to work illegally at a massage parlor in Tokyo, leading the Metropolitan Police Department to rearrest the store’s operator as investigators continue to examine how the girl was trafficked to Japan.

Stolen Car Plows Into Busy Tokyo Street, 1 Dead 11 Injured

A man believed to have been involved in a fatal hit-and-run that left one person dead and 11 others injured in Tokyo’s Adachi Ward on November 24th was taken into custody as police began questioning him on a voluntary basis.

Fire Engulfs Waste Plastic Plant in Ibaraki

A large fire that broke out late on November 23rd at a waste plastic recycling plant in the city of Bando in Ibaraki has continued to burn for roughly 18 hours, with no clear timeline for containment. The blaze was first reported at around 10:40 p.m. on November 23rd when nearby residents alerted firefighters after seeing flames and smoke rising from the site.