“Cool Japan” is a program supported by the Japanese government and various companies that promotes modern Japanese culture such as anime and manga abroad.
The Japanese Finance Ministry allotted 45.9 billion yen (about US$403 million) in funding for the “Cool Japan” program for its 2017 fiscal year, a 22% increase from last year.
The report claimed that the Nagasaki-based consortium filed for arbitration in September to break up the investment after its relationship with Cool Japan Fund Inc. broke down.
Japanese financial newspaper Nikkei published a report on Monday that Cool Japan Fund Inc., the public-private company that the Japanese government employs to fund projects as part of its “Cool Japan” program, has under-performed in most of its investments.