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Dear Investors,

The above picture was taken in a residential neighborhood of Setagaya-ku.   It shows that people gathering around and sitting under cherry trees.

Hanami or viewing cherry blossoms has always been Japanese people’s favorite activity in spring.   From the end of March to the beginning of April, Japanese people go out only to view cherry blossoms.  Parks on which cherry trees grow are crowded with viewers.  Because cherry blossoms don’t last a long time, people do their utmost to spare time to view it in a nice day.

They say that Japanese people love the activity because they can relate the life of cherry blossoms to that of human-beings.

Best regards,

Minato Asset Management