# 石田英司「ジャングリア沖縄の親会社、173億円の最終赤字」「日本の総人口、1億2297万人」「『赤い羽根共同募金』使途不明、10月に始まる募金活動に影」10月2日

- Show: 上泉雄一のええなぁ！
- Published: 2026-10-01
- Canonical: https://podc.club/en/episode/1588682529_d2a75da527b8.html
- Audio: https://traffic.megaphone.fm/MBSINC2432083425.mp3
- Source: Edited from a machine transcript of the first 30 minutes of the episode. Not an official summary.

Japan Entertainment Holdings, the parent company of Junglia Okinawa, the large theme park that opened in northern Okinawa in July 2025, reported a net loss of approximately ¥17.3 billion for the fiscal year ending June 2026, laying bare a financing structure in which public funds account for over ¥20 billion of the ¥70 billion construction cost. The 2025 national census confirmed that Japan's total population fell by more than 3.17 million over five years, with the Japanese-national count dropping 4.26 million — slipping below 120 million for the first time in 42 years. And just as the annual Red Feather Community Chest drive launched on October 1, a ¥250 million misappropriation scandal at the Hokkaido chapter prompted roughly 300 organizations to withdraw their support.

## What this episode answers

### What were the main causes of Junglia Okinawa's ¥17.3 billion loss in its opening year?

Annual visitors reached only 1 million against a target of 3 million — the main cause. The numbers dropped sharply from 650,000 in the first six months to 350,000 in the second, and while the park barely cleared its breakeven point of roughly 900,000, a return to profitability in subsequent years looks difficult.

### How much public funding went into Junglia's construction, and in what form?

Cool Japan Fund invested ¥8 billion directly into the operating company Katana, and the Okinawa Development Finance Corporation provided ¥10 billion in loans on top of its equity stake; when a further ¥3 billion bridge loan was needed, the corporation was the only institution willing to lend, bringing total public funds to over ¥20 billion of the ¥70 billion construction cost.

### What was the scale and breakdown of the population decline revealed by the 2025 national census?

Total population including foreign nationals stood at 122,972,528, down 3,173,571 from five years earlier; the Japanese-national count alone fell 4.26 million — dropping below 120 million for the first time in 42 years — equivalent to erasing the combined population of six prefectures: Tottori, Shimane, Kochi, Tokushima, Fukui, and Yamagata.

### What was the reality behind the headline that only Tokyo saw population growth?

Tokyo's apparent growth was entirely driven by a 240,000 increase in foreign nationals; the Japanese-national count in Tokyo actually fell by about 50,000, and Japanese nationals declined in every single prefecture.

### How has the Red Feather Community Chest misappropriation scandal affected this year's fundraising campaign?

Around 300 of the 434 organizations that took part in street fundraising last year have notified the campaign they will not cooperate this year; major convenience-store chains are reconsidering placing donation boxes in their stores, and some lawmakers and broadcasters have stopped wearing the red feather pin.

## Article

## Junglia Okinawa Posts ¥17.3 Billion Loss in Opening Year — Origins and the Public-Money Structure

Japan Entertainment Holdings, the parent company of Junglia Okinawa (ジャングリア沖縄), the large theme park that opened in northern Okinawa Prefecture in July 2025, reported a net loss of approximately ¥17.3 billion for the fiscal year ending June 2026. The figure was disclosed at a shareholders' meeting on September 25.

The park's origins are complicated. In 2016, when Universal Studios Japan shelved plans for a second park in Okinawa, marketer Morioka left USJ and founded the marketing firm Katana (刀). In 2018 he established Japan Entertainment Holdings, and companies including Orion Beer, JTB, and Kintetsu — persuaded by Morioka's track record — took equity stakes. The government-backed Cool Japan Fund (クールジャパン機構) concluded that "if Morioka is leading it" the bet was worth taking, and invested ¥8 billion — not into Junglia itself but directly into Katana. The Okinawa Development Finance Corporation (沖縄振興開発金融公庫, fully government-owned) provided both an equity stake and ¥10 billion in loans. Public funds now exceed ¥20 billion of the ¥70 billion construction cost, making this a heavily policy-driven project.

For the syndicated loan, every major bank passed, and a regional-bank syndicate was formed with Shoko Chukin Bank and Bank of the Ryukyus as lead arrangers. When additional financing was needed, most regional banks withdrew; the remaining four — Shoko Chukin, Bank of the Ryukyus, SBI Shinsei Bank, and the Okinawa Development Finance Corporation — provided around ¥2 billion. When a further ¥3 billion bridge loan was requested, Shoko Chukin and Bank of the Ryukyus also declined, leaving the corporation as the sole lender.

## 1 Million Visitors Against a 3 Million Target — The "Too Big to Fail" Dilemma

Annual visitors came in at 1 million against a target of 3 million. The park barely cleared its breakeven point of roughly 900,000, but the trend is alarming: 650,000 visitors in the first six months dropped to 350,000 in the second, and a return to profitability in subsequent years looks bleak at that pace. The collateral is Junglia's land and buildings, but if the park were to close those assets would be worth virtually nothing — leaving lenders in the dilemma of having to keep lending or writing off their entire investment. Staff-performed experiential attractions drive high personnel costs, yet cutting them would hollow out the park's appeal. There is precedent for a turnaround: Morioka himself revived USJ after a rough patch through anime IP collaborations and similar strategies, and the question now is what moves he will make this time.

## 2025 Census — Japanese Nationals Down 4.26 Million, Below 120 Million for First Time in 42 Years

The Ministry of Internal Affairs and Communications released the final results of the 2025 national census on September 29, 2026. Total population including foreign nationals stood at 122,972,528, down 3,173,571 from five years earlier. Tokyo was the only prefecture to show overall growth, but even that was driven by a 240,000 increase in foreign nationals; Tokyo's Japanese-national count actually fell by about 50,000. Japanese nationals declined in every single prefecture.

The Japanese-national decline of 4.26 million is equivalent to the combined population of six prefectures — Tottori, Shimane, Kochi, Tokushima, Fukui, and Yamagata — disappearing in five years. It is the first time the count has fallen below 120 million in 42 years. The average age of Japanese nationals is now 49.3 (up one year from five years ago), while foreign residents in Japan average 36 — a figure that underscores how vital working-age foreign nationals have become to the labor force. Arguments for "excluding foreigners" are increasingly at odds with this demographic reality.

Within Tokyo, people in their teens and twenties flow in for university and jobs, while those in their forties move out to Chiba, Saitama, and Kanagawa due to high housing costs. Single-person households have reached 41.4% of all households, and the lifelong unmarried rate has surged to 30% for men and 24% for women, compared with 5.6% and 4.3% respectively in 1990.

## Shadow Over the Red Feather Campaign — 300 Organizations Pull Out

The Red Feather Community Chest (赤い羽根共同募金) campaign, which launched on October 1, is already under a cloud. The Hokkaido chapter of the Community Chest of Japan (北海道共同募金会) was found to have approximately ¥250 million in unaccounted funds, and around 300 of the 434 organizations that participated in street fundraising last year have said they will not cooperate until the matter is fully investigated. Major national convenience-store chains have decided to reconsider placing donation boxes in their stores, and some lawmakers and broadcasters have stopped wearing the red feather pin.

Each prefectural chapter of the Red Feather Community Chest operates as an independent body, so the accounting problem is technically confined to Hokkaido — but the damage to public trust has spread nationwide. The campaign, which began around 1947 in the immediate postwar years to help people in need, now faces one of the gravest crises in its history.

## Takeaways

- Junglia Okinawa attracted only one-third of its 3 million visitor target in its opening year, posting a ¥17.3 billion loss, while more than 30% of its construction cost came from public funds — creating a structure in which the park effectively cannot be allowed to fail.
- The 2025 national census showed Japan's Japanese-national population fell 4.26 million in five years to below 120 million for the first time in 42 years, with foreign residents — averaging 36 years old against 49.3 for Japanese nationals — playing an increasingly essential role in the workforce.
- A ¥250 million misappropriation at the Hokkaido chapter of the Red Feather Community Chest has rippled nationwide, triggering widespread corporate and organizational withdrawals from the October fundraising drive.