Crypto News: Do you miss snow? Try skiing in Japan

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Gondolas at Niseko Hanazono Resort. Photographer: Noriko Hayashi/Bloomberg

For Americans on the East Coast, skiing sounds like a nostalgic fantasy; in New York City, this winter has yet to produce any measurable snow. But it's a different story in Japan, where Bloomberg writers Peter Elstrom and Kanoko Matsuyama reported from Niseko mountain in this week's magazine. The area typically gets almost twice as much snow as Vail—clocking in at 33 feet (!) a season.

But even with all that snow, Japan's ski industry has been on the skids for years. After the 1972 Winter Olympics in Sapporo, skiing took off as much of the population was within driving distance of a resort. Elstrom and Matsuyama write:

At its peak in the '90s, Japan had more than 18 million skiers, who racked up a total of almost 100 million days on the slopes—about double the US at the time. But since Japan's economic bubble burst, the ski population has plunged 75%, to 4.3 million in 2020. The country has about 475 resorts today, down from more than 800, with some falling victim to climate change since many stand at relatively low altitudes, often topping out at less than 3,000 feet above sea level.

As skiers disappeared, resort owners chose to keep prices low rather than investing in infrastructure like new gondolas and fast chairlifts that can carry more people with fewer dreaded lines. But an Australian named Colin Hackworth wants to give Japanese skiing a makeover, and the early evidence indicates that it's working. Again, from the story:

Hackworth is betting on that powder with an investment blitz the likes of which Japan's ski industry hasn't seen in decades. Backed by Hong Kong billionaire Richard Li, his company, Nihon Harmony Resorts, poured more than $500 million into new lifts and a sparkling Park Hyatt hotel during the Covid-19 pandemic. The hotel is now fully booked despite room rates of $1,200 a night, and lift revenue is running more than 30% ahead of pre-pandemic levels.

Read the whole piece to learn how the pandemic almost ruined the project—and don't miss the dreamy photos by Noriko Hayashi that make you want to pack your bags and head to a place where you've got a pretty good chance of finding a big dump of fresh powder. It does, after all, snow there almost every day in winter. — Reyhan Harmanci

The container ship Mayview Maersk at the Port of Rotterdam. Photographer: Martin Luke/Alamy

The tiny landlocked town of Mayview, Missouri, is an unlikely namesake for one of the world's largest ships.

It's a rural hamlet of some 200 people where the Old School Store & Bar welcomes Nascar fans with specials on Busch Light, where Michelle's Place next door serves fried chicken dinners on Sundays, and where utility poles fly faded banners that say, "May the Spirit of Mayview Live On."

So why did Copenhagen-based A.P. Moller-Maersk A/S name the pride of its fleet, a 399-meter-long (1,309-foot) vessel, the Mayview Maersk?

Read: The Shipping Industry Is Getting a Slew of New Vessels—Right as Demand Cools by Brendan Murray

Illustration: Yann Bastard for Bloomberg Businessweek

Putting a new moniker on an existing business doesn't faze customers these days, but there are tricks to choosing the right one.

Read: "To Find a Winning Company Name, Ride Trends and Consult AI" by Arianne Cohen

2.5%

That's how much home prices are down from June's peak, according to a report released today by S&P CoreLogic Case-Shiller. But, with another Fed hike imminent, it doesn't seem like interest rates are going to be anywhere near where they were pre-pandemic for a while.

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