Japan’s Richest Lose $4 Billion as Equities Plunge

Tap for Slideshow
Photographer: Haruyoshi Yamaguchi/Bloomberg

“We aim to continue generating operating profit of more than 1 trillion yen,” said Masayoshi Son, chairman and chief executive officer of Softbank Corp. “There’s no change to the trend that users want high-quality handsets.”

Close
Photographer: Haruyoshi Yamaguchi/Bloomberg

“We aim to continue generating operating profit of more than 1 trillion yen,” said Masayoshi Son, chairman and chief executive officer of Softbank Corp. “There’s no change to the trend that users want high-quality handsets.” Close

“We aim to continue generating operating profit of more than 1 trillion yen,” said Masayoshi Son, chairman and chief... Read More

Photographer: Haruyoshi Yamaguchi/Bloomberg

Tadashi Yanai, chairman, president and chief executive officer of Fast Retailing Co.. Close

Tadashi Yanai, chairman, president and chief executive officer of Fast Retailing Co..

Photographer: Junko Kimura/Bloomberg

Hiroshi Mikitani, chairman and chief executive officer of Rakuten Inc., is Japan’s third-richest individual with a net worth of $5.3 billion, according to the Bloomberg Billionaires Index. Close

Hiroshi Mikitani, chairman and chief executive officer of Rakuten Inc., is Japan’s third-richest individual with a... Read More

Japan’s three richest men lost a combined $4.2 billion on paper in the past two weeks, according to data calculated by the Bloomberg Billionaires Index.

Fast Retailing Co. Chairman Tadashi Yanai’s fortune slid 12 percent to $16.4 billion as of yesterday, the wealth of SoftBank Corp. (9984) President Masayoshi Son fell 13 percent to $12.1 billion and Rakuten Inc. (4755) Chief Executive Officer Hiroshi Mikitani’s assets dropped 9 percent to $6.6 billion. Even after the drop, Japan’s biggest stock rally in a quarter century has added almost $9 billion to the three executives’ net worth in 2013.

Japan’s Topix (TPX) index is down 14 percent from a high on May 22, erasing $400 billion in market value. Japan is still the best-performing major equity market this year, with the Topix up around 28 percent on optimism Prime Minister Shinzo Abe can lead the world’s third-largest economy’s emergence from 15 years of deflation. Unprecedented monetary easing by the Bank of Japan has weakened the yen 17 percent versus the dollar since Dec. 3, helping exporters post higher earnings through March and raise profit targets for the fiscal year that started in April.

The three companies run by the billionaires derive most of their revenue from Japan despite efforts by the trio to diversify geographically. All three men rely on the performance of shares in their companies for all of their wealth, according to data compiled and calculated by Bloomberg.

The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York. The valuations are listed in U.S. dollars.

To contact the reporter on this story: Patrick Chu in Tokyo at pachu@bloomberg.net

To contact the editor responsible for this story: Teo Chian Wei at cwteo@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.