>A major public-private fund created a decade ago to promote Japanese culture overseas is on the rocks after racking up a deficit of 30.9 billion yen ($218 million) from investments that did not pan out.
>As of March 2022, the government had put 106.6 billion yen into the fund and 24 private sector firms have chipped in some 10.7 billion yen. The fund invested in 56 projects, such as marketing Japanese video content overseas. But most have failed.
>The government incurred losses by selling its stakes in these companies to the private sector at discount prices and, after that, the companies ended their operations.
>The new plan would invest in firms that make clothing materials and startups that develop soy-based alternative meats.
Zero reason the government needed to do this. Nothing a government does is “cool”. Anime and game companies and their ilk have been and will be fine on their own.
3 comments
>A major public-private fund created a decade ago to promote Japanese culture overseas is on the rocks after racking up a deficit of 30.9 billion yen ($218 million) from investments that did not pan out.
>As of March 2022, the government had put 106.6 billion yen into the fund and 24 private sector firms have chipped in some 10.7 billion yen. The fund invested in 56 projects, such as marketing Japanese video content overseas. But most have failed.
>The government incurred losses by selling its stakes in these companies to the private sector at discount prices and, after that, the companies ended their operations.
>The new plan would invest in firms that make clothing materials and startups that develop soy-based alternative meats.
Zero reason the government needed to do this. Nothing a government does is “cool”. Anime and game companies and their ilk have been and will be fine on their own.
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