GOVERNMENT TO CONSIDER SCRAPPING LOSS - MAKING PUBLIC - PRIVATE COOL JAPAN FUND - TOKYO JAPAN

GOVERNMENT TO CONSIDER SCRAPPING LOSS - MAKING PUBLIC - PRIVATE COOL JAPAN FUND - TOKYO JAPAN  

@Jr_Paku Midin Channel

TOKYOThe government is expected to consider scrapping a loss-making public-private fund established more than a decade ago at the behest of former Prime Minister Shinzo Abe to promote products linked to Japanese culture overseas, sources close to the matter said.

The fund's management company, Cool Japan Inc., had accumulated losses of 38.3 billion yen as of the end of fiscal 2024, largely due to the poor performance of domestic startups in which it had invested.

Cool Japan sought to keep its cumulative losses below 42.6 billion yen in the following fiscal year, but it likely failed after Spiber Inc., a debt-laden biotechnology startup in which the fund invested 14 billion yen, entered out-of-court debt restructuring talks.

The government and private companies had invested 140.6 billion yen and 10.7 billion yen, respectively, in the Cool Japan Fund as of March 2026. The fund was established in 2013 under the initiative of Abe, who promoted Japanese anime, cuisine and other cultural products overseas in the hope of making them a major driver of the country's economic growth.

Regulations require the government to consider reviewing or reorganizing a public-private fund if it misses its annual cumulative performance target three times. The fund has already missed the target in fiscal 2020 and fiscal 2021.

Critics say public-private investment funds should be subject to closer management oversight, noting they tend to struggle because of the poor performance of the companies in which they invest.

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@Jr_Paku Midin Channel