Because of this debt, which has risen from 23.1 billion yen (US$171.1 million) in the financial year 2020 to 30.9 billion yen (US$228.9 million) at the end of the financial year 2021, the Ministry of Finance’s Fiscal System Council is considering a restructure of the Cool Japan Fund organization which may see the fund close.
At a Ministry of Finance subcommittee meeting on June 20, it was revealed that the Cool Japan Fund, a public/private fund set up by the Japanese government to invest in Japanese pop culture/industry initiatives overseas, is 30.9 billion yen (US$228.9 million) in debt.
The Cool Japan Fund began in November 2013 to promote Japan to the world and has seen the Japanese government invest more than 106.6 billion yen (US$789.6 million) into the organization.