Tuna Sells For Record-Breaking $789K In Tokyo, Buyer Says, 'I'd Been Feeling That The Economy Was Getting Better'

In Tokyo’s Toyosu fish market, a bluefin tuna has been auctioned for an astonishing 114.24 million yen ($789,000), making it the fourth-highest price in recorded history.

What Happened: The 238-kilogram fish was reportedly caught off the coast of Oma in northeastern Japan’s Aomori Prefecture.

The tuna was jointly procured by intermediary wholesaler Yamayuki and Sushi Ginza Onodera restaurant’s operator, both located in Tokyo. The bid for this year’s auctioned tuna surpassed last year’s 36.04 million yen, with the record price previously set in 2019 when a 278-kg bluefin tuna garnered 333.6 million yen, reported The Mainichi, a Japanese newspaper.

Yukitaka Yamaguchi, Yamayuki’s president, voiced his positive outlook on the economy saying, “I’d been feeling that the economy was getting better, so I thought the bidding would reach 100 million yen.”

He ascribed the high price to the tuna’s freshness and vibrant color. The auction, a key tourist attraction in Tokyo, began around 5:10 a.m. with spirited exchanges between bidders and sellers. The procured tuna meat will be sold at food stores in Tokyo.

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Why It Matters: The optimistic bidding at the auction is surprising considering the mixed messages on the Japanese economy in recent days. In November 2023, Deutsche Bank compared the Japanese Yen’s weak fundamentals to the Argentine peso and Turkish lira. This was largely due to the Bank of Japan’s yield curve control and reluctance to raise interest rates.

However, in December, the Bank of Japan decided to maintain its ultra-easy monetary policy due to “extremely high uncertainties,” leading to a weakened yen but a 1% increase in the Nikkei 225 stock index. In the last 12 months, the Nikkei has risen 28.75%, however since 2024 began the benchmark index has declined 0.06%.

The yen on the other hand has weakened by 10.8% against the U.S. dollar through 2023. The greenback gained 2.8% against the Japanese unit since Jan. 1 when a massive earthquake struck the nation triggering tsunami warnings.

Before the earthquake, in December, BlackRock viewed Japan as a key beneficiary of global fragmentation and said the valuations of the companies there were attractive. UBS AG was also reported to have increased its focus on the country by reinstating its equity strategist role there after a seven-year hiatus.

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