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Japan orders mass evacuation in Ishikawa over flooding threat

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Japan orders mass evacuation in Ishikawa over flooding threat

Up to 30,000 people in two cities in central Japan have been ordered to evacuate after weather forecasters warned of major flooding caused by heavy rain.

About 18,000 people in the city of Wajima and another 12,000 in Suzu have been told to seek shelter in Ishikawa prefecture, Honshu island.

The Kyodo News website has published a picture showing an entire street flooded in Wajima.

The Japan Meteorological Agency (Jma) has issued a heavy rain emergency – the highest alert level – for parts of the prefecture.

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Japan’s public broadcaster NHK quoted government officials as saying 12 rivers in the prefecture had breached their banks.

The region is still recovering after a deadly magnitude 7.5 earthquake on New Year’s Day.

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The uneasy marriage of art and money

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My family moved recently. A change of address occasions much administrative work, one task of which was to calculate the value of the art collection my husband and I have cobbled together. Seems likely I was displacing some emotion — leaving our home of 14 years was not easy — but this exercise made me philosophical. I could enumerate the prices I had paid for various works; I could extrapolate about the current art market by checking recent auction results. But what did that tell me? The insurance company wanted to know about dollar amounts, but I was stuck on the thornier question of value.

Seven years ago, I saw a retrospective of the artist Agnes Martin, at New York’s Guggenheim Museum. I was familiar with Martin’s minimalist paintings, which I admired, and was unprepared to be surprised by the exhibition, let alone deeply moved. I love the experience of communion with films, books, canvases on the wall, but I am rarely overcome by it, and certainly did not expect to cry over an artist known for her cool geometries. But there we were, my companion and I, considering Martin’s final finished painting with tears in our eyes. 

I’ve tried to make sense of my state on this day. I was hungry, or tired, or thirsty, or some combination of these — my diagnosis when dealing with my children’s emotional outbursts. Maybe Frank Lloyd Wright’s building had something to do with it, the pitch of the floor making me feel unsteady, the open rotunda making me feel dizzy. Or my response was purely emotional — I’d have to be made of stone to feel nothing after hearing the sobering facts of Martin’s life. Perhaps all this is true, or a factor, anyway, in my tears. 

It’s also possible that I experienced something too rare in my secular life in our profane culture — call it the sacred. Already a cliché to say museums are modern cathedrals, built to dwarf the body and awe the senses; worth pointing out that quiet contemplation of anything that’s not my iPhone feels profound, and that the progress I made up the ramp of the Guggenheim was rather like the devout Catholic’s observation of the Stations of the Cross.

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I think art is one of the last provinces of the sacred for me, maybe for most of us. A work of art’s price can’t tell us anything about it, and there’s no point in talking about art in terms of dollars or euro or yen, but perhaps there’s no other metric available to us.


The most expensive thing I’ve ever bought is a painting. It’s a small work, a minor effort by one of the world’s most celebrated artists. I bought it at auction, spending far more than I had intended to, caught up in the competitive fervour, my desire for this work somehow apart from what I would pay for it, by the magical thinking that governs most of my shopping. The way my insurance company judges this untitled painting’s worth is by referring to the record of what I spent on it. That’s the market in a nutshell; things are worth what someone is willing to pay.

A white winged horse and tiger figurines standing on a pile of books on a table, on which is propped a painting of a boy and some photo booth portraits
Part of the art collection of Rumaan Alam . . .  © David A Land
A room with a desk and table on which there is a laptop, pictures and two lamps, with pictures on the wall and piles of books on the floor
. . . at his New York home © David A Land

When I look at this painting, I don’t think about that number. I think about what a genius can do with paint, and I think about this particular genius’s ability to make images that are at once horrific and beautiful, and I think about the hands of this particular genius touching this artefact that I now possess. But I’m not an underwriter. 

This is the most expensive painting in our collection, but I don’t know if it follows that it is also the most valuable. I have a framed watercolour that my older son did when he was three — bless the Montessori teachers who wrote the date on it. It’s a splash of light blue and is, according to the artist, a whale. Children’s art rarely looks like what it’s meant to depict, but in this case, the thing, perhaps only accidentally, truly resembles a breaching whale. Obviously, there’s no way to convert sentimental value into actual currency. 

It’s a great privilege that I’m in a position to spend any money on art, though I possess more sentiment than currency. It’s still possible to buy the work of artists at the start of their career, or editions by more well-known names at small auction houses, or even minor work by true masters.

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I think about the money, because I’m working within the constraints of a budget, but only when I’m in the act of transaction. Then I forget that altogether. I cannot, as George Lucas did, spend $15mn on a painting by Robert Colescott. I could, though, spend about one month’s rent on a small, early work by the same artist. Living with it affords me a pleasure to which I cannot affix a price tag, even though my insurer has asked me to.


Sometimes a work of art is described as priceless. In my imagination this implies more zeroes than one can count, but it’s more accurate to say that with art, numbers aren’t salient. We should call a masterpiece unpriceable instead. 

Still, money is so essential a factor of contemporary existence that we cannot help but bring it in. Money borders — even if it should not enter — some of life’s most serious provinces. Family life, religious faith and romantic love may be all that are left to us that are exempt from the logic of buying and selling. 

The art market is one matter, but even the urge to photograph or otherwise document a museum visit, very common at the moment, is, I think, an economic activity. We reach for our phones from some insipid urge to participate in a culture too attuned to pointless connectivity, yes. But to Instagram a Pollock or a Van Gogh transforms that moment of pleasure into work. We think this ennobling; it’s sadly debased. 

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I don’t know whether it’s fair to consider faith a realm wholly uncorrupted by money — it’s certainly possible to enumerate the assets of, say, the Catholic Church (some of which are what we would call priceless). Nevertheless, art can provide an encounter with the mysterious, a territory that borders the mystical. Perhaps that is why I so often find it a balm. 

Only a few months ago, on a day I found personally difficult, I fled to the Museum of Modern Art in need of distraction or solace. I saw an exhibition by the video and performance artist Joan Jonas. I spent a surprisingly long time watching black-and-white footage of a performance she’d staged decades ago, in the then-wasteland of lower Manhattan. In those minutes, I truly forgot the worries that had sent me to the museum in the first place.


Last summer, I pulled some strings and was invited behind the scenes at Christie’s Rockefeller Center outpost. I was writing a book in which one character, a billionaire, buys a painting by Helen Frankenthaler. (No deeper meaning in choosing this artist than the personal, as she’s one of my favourite abstract expressionists.) I wanted to see the rooms to which serious collectors are sometimes invited to kick the tyres of the masterpieces they might buy. 

A Christie’s staffer led me down a long hall, threw open massive doors to intimate, soundless rooms, simply but strongly lit, containing nothing at all. I thought they felt like chapels. I loved imagining the Warhols and Picassos that had once stood there, ready for inspection. 

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My guide seemed surprised to discover that the last room we entered was not empty at all. In my recall, it, too, was bright and silent, but there, on the wall, was a painting. It sounds like something out of fiction but it’s true; it was by Frankenthaler. There are many words applicable: happenstance, coincidence, luck, kismet.

I find that when I’m immersed in the writing of a novel there will be uncanny resonances in my real life. I’ll be served a meal like one I imagined, or meet someone with the same name as a character I invented. There’s no deeper meaning in it, just a funny thing that has happened to me often enough that I understand it as part of the novel-writing process. Maybe this is part of the experience of seeing art, too. There’s some frisson that can’t be put into words, a sense of recognition or kinship. 

I don’t know what happened to the Frankenthaler I saw that day. (Christie’s sold a Frankenthaler this spring for more than $4mn, but that’s a detail of interest mostly, I think, to insurance companies.) I like to imagine the person who bought it: that they went into the very room I did, that they smiled with some private pleasure at the thought of being alone with this painting. I like to imagine that they knew and cared about Frankenthaler, that they were tempted to touch the painting, that they had questions about its provenance, that they got close enough to the canvas to smell the paint itself.

I like to imagine that moment brought them joy, a joy they feel every time they glimpse the painting, wherever they’ve chosen to hang it. I cannot bear to think that it went into storage, or hangs in a guest bedroom in a rarely visited vacation home. I prefer to imagine it is with someone who would agree with me that art’s value is not calculable, albeit someone with enough money to say something like this and still be taken seriously. I’d like to tell that painting’s owner how I stole two minutes alone with their painting, and I like to imagine they’d know that is worth everything.

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Rumaan Alam’s new novel ‘Entitlement’ is published by Bloomsbury

Find out about our latest stories first — follow FT Weekend on Instagram and X, and subscribe to our podcast Life & Art wherever you listen

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Gloucestershire school and leisure centres close after flooding

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Gloucestershire school and leisure centres close after flooding

Churchdown School said on social media that it was “with regret” it had to close.

The school will conduct an electrical survey to assess the damage, before being able to open again safely.

It added it was due to “significant” water damage, caused by a flash flood on Friday night.

“We apologise for any inconvenience caused as a result of this unforeseen and extreme event. We have made this decision now in order to provide you with as much notice as possible to make alternative arrangements,” the school posted.

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Leisure At Cheltenham has posted on Facebook that it had to stay closed on Saturday due to weather-related damage.

“We apologise for any inconvenience caused and thank you for your patience,” the leisure centre added.

Fundamental Movement Academy, another leisure centre in Cheltenham, has also had to stay closed on Saturday due to damage caused by flooding.

On Facebook, the centre posted: “We will be giving you updates as much as we can whilst trying our best to get everything clean and ready for our re-opening.”

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Zelenskyy to push Biden for security guarantees to end war

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Volodymyr Zelenskyy will press Joe Biden for binding security guarantees before the US president leaves office to bolster Ukraine’s position and compel Russia to join peace talks.

The Ukrainian leader has in recent months stepped up preparations for possible negotiations with Moscow in anticipation of a shift in US policy following November’s presidential election.

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Zelenskyy ordered an invasion of the Kursk region of Russia in August to gain territory as leverage in future talks and has said he is ready for a peace conference with Moscow’s involvement.

Speaking to journalists ahead of a US trip next week where he will attend the UN General Assembly and hold talks with Biden, Zelenskyy said he would present a “victory plan” to the US president that he hoped would end the war.

Zelenskyy said the plan, which he wants to be implemented by the end of December, would strengthen Ukraine and force Russia to the negotiating table.

“The victory plan, this bridge to strengthening Ukraine, can contribute to more productive future diplomatic meetings with Russia,” said Zelenskyy on Friday afternoon in Kyiv.

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He described the initiative as Biden’s opportunity to go down in history as the president who secured Ukrainian independence. He emphasised that the plan needed to be implemented before Biden left office in January.

“I think this is a historical mission,” said Zelenskyy. “Let’s do all this today, while all the officials who want the victory of Ukraine are in official positions.”

Ukraine has lost territory daily to Russia this year and Moscow has shown no sign that it was willing to negotiate.

The Ukrainian leader outlined the four points of the “victory plan” but declined to go into detail.

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The first point, he said, were further security guarantees. Ukraine has recently signed long-term commitments with the US and other western allies but wants harder assurances akin to the mutual defence guarantee that comes with Nato membership.

The second was Ukraine’s Kursk operation, which he said was “fulfilling” its task of diverting Russian offensive power.

Zelenskyy’s third request was for “specific” advanced weapons. He did not elaborate on the type of weapons system he wanted. The fourth was the joint development of Ukraine’s economy together with its partners.

“Today you help us in the implementation of this plan and in the future Ukraine will save you a lot of your resources,” said Zelenskyy.

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Zelenskyy does not view the “victory plan” as a replacement for his “peace formula”, a 10-point initiative based on the UN Charter that lays out a framework for a lasting settlement.

Rather, it will give Ukraine what it needs to get Russia to the negotiating table where the peace formula would be discussed, he said.

Zelenskyy again ruled out a Minsk-style peace agreement where the conflict would be frozen, stating that Russia would only invade again. “We need a just and stable peace,” said Zelenskyy.

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Both Brazil and China have put forward alternative peace plans to Ukraine’s peace formula. Zelenskyy said these plans lacked detail and worked as “political icebreakers” against the UN Charter.

After speaking at the UN on Wednesday in New York, Zelenskyy will travel to Washington to present the plan to Biden and Vice-president Kamala Harris, who is running against Donald Trump in November’s election.

He plans to meet Trump after his visit to Washington, he said.

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UK weather: Met Office issues 23-hour thunderstorm warning for TODAY as flooding, lightning & large hail strikes nation

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UK weather: Met Office issues 23-hour thunderstorm warning for TODAY as flooding, lightning & large hail strikes nation

THE Met Office has issued a 23-hour thunderstorm warning for today – with flooding, lightning and large hail set to strike the nation.

A yellow warning for thunderstorms and heavy showers is in force across much of southern England and Wales.

Gales tore through Aldershot in Hampshire yesterday

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Gales tore through Aldershot in Hampshire yesterdayCredit: UKNIP
The fast winds damaged trees and properties

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The fast winds damaged trees and propertiesCredit: UKNIP
The Met Office has issued a thunderstorm warning today

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The Met Office has issued a thunderstorm warning today

Lightning damage to buildings, disruption to public transport and flooding should be expected within the warning zone.

The yellow warning covers all of Wales and south west England, the Midlands and parts of the south east and north.

It came into effect at 1am this morning and will stay in place until midnight.

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Another yellow rain warning for rain will come into force tomorrow for Wales and central south-west England.

Affected areas could see between 50mm and 70mm of rainfall over a few hours, accompanied by hail and frequent lightning.

Met Office expert Jason Kelly said: “The warnings cover the areas of the country most at risk of seeing thunderstorms.

“But not everyone within a warning area will experience a thunderstorm. For many much of the time it will remain dry.”

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Forecaster Dan Harris said the wet weather is expected to continue into next week.

He said: “We are expecting the area of persistent and at times heavy rain to have developed by the end of Sunday.

“It will most likely continue for some parts of southern UK through at least the first part of Monday, before starting to clear eastwards.

“By this time, however, confidence falls sharply in terms of both its exact location and rainfall amounts.”

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Yesterday howling winds swept through the Hampshire town of Aldershot – damaging homes and trees.

Firefighters were scrambled after a column of air moved 1.2 miles through the town just after noon.

Footage showed the winds ripping tiles off roofs and blowing them across the street.

But no one was injured by the fast winds, a spokesperson for the local council said.

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All the areas covered by today’s warning

  • Derby
  • Derbyshire
  • Leicester
  • Leicestershire
  • Lincolnshire
  • Northamptonshire
  • Nottingham
  • Nottinghamshire
  • Rutland
  • Bedford
  • Cambridgeshire
  • Central Bedfordshire
  • Hertfordshire
  • Luton
  • Peterborough
  • Bracknell Forest
  • Buckinghamshire
  • Hampshire
  • Milton Keynes
  • Oxfordshire
  • Reading
  • Slough
  • Southampton
  • West Berkshire
  • Windsor and Maidenhead
  • Wokingham
  • Cheshire East
  • Cheshire West and Chester
  • Halton
  • Merseyside
  • South West England
  • Bath and North East Somerset
  • Bournemouth Christchurch and Poole
  • Bristol
  • Cornwall
  • Devon
  • Dorset
  • Gloucestershire
  • Isles of Scilly
  • North Somerset
  • Plymouth
  • Somerset
  • South Gloucestershire
  • Swindon
  • Torbay
  • Wiltshire
  • Blaenau Gwent
  • Bridgend
  • Caerphilly
  • Cardiff
  • Carmarthenshire
  • Ceredigion
  • Conwy
  • Denbighshire
  • Flintshire
  • Gwynedd
  • Isle of Anglesey
  • Merthyr Tydfil
  • Monmouthshire
  • Neath Port Talbot
  • Newport
  • Pembrokeshire
  • Powys
  • Rhondda Cynon Taf
  • Swansea
  • Torfaen
  • Vale of Glamorgan
  • Wrexham
  • Herefordshire
  • Shropshire
  • Staffordshire
  • Stoke-on-Trent
  • Telford and Wrekin
  • Warwickshire
  • West Midlands Conurbation
  • Worcestershire
  • South Yorkshire

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Mum pops out only to get phone call saying her boy, two, has been killed by falling fireplace

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Mum pops out only to get phone call saying her boy, two, has been killed by falling fireplace


Samantha Walsh was told her son Carter had been crushed by a marble fireplace

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The mystery of Masayoshi Son, SoftBank’s great disrupter

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Late one afternoon in October 2023, as the sun slipped down over Tokyo Bay, Masayoshi Son was sitting in his private office at SoftBank headquarters, at the head of a wooden table almost as long as Vladimir Putin’s in the Kremlin. A diminutive, balding figure dressed casually in a jacket and slacks, Son was recounting to me the low point of his career, a year earlier, when he announced he was disappearing from public view.

“What a shitty life!” he exclaimed, with a trace of self-pity. “You know on my Zoom call, I see my face often on the video screen and I hate looking at my face. What an ugly face. I’m just getting old . . . What have I achieved? . . . I have done nothing that I can be proud of.”

At face value, it was an astonishing admission. Son, then 66, ranked among the world’s most renowned investors. He invested in ecommerce giants Yahoo and Alibaba before they became household names. At the height of the dotcom bubble in early 2000, he was briefly the richest man in the world. When it burst, he lost 97 per cent of his fortune, around $70bn. 

But he bounced back, launching a successful broadband and mobile phone business in Japan, propelled by an exclusive deal to distribute Apple’s iPhone. Then he disrupted Silicon Valley with the $100bn SoftBank Vision Fund, and ended up making the biggest swing and miss in the history of investing. (Hence his temporary vanishing act.)

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As editor of the Financial Times, I’d met Son twice and he intrigued me as a subject for a biography. A compulsive risk taker, his story was a classic entrepreneur’s tale of survival and perpetual reinvention. But was Son a tech visionary or simply an inveterate gambler who got lucky? Why was SoftBank, the company he founded in 1981 as a pioneering software distribution business in Japan, so often described as a house of cards?

Answering those questions proved more difficult than I anticipated. Twice I flew to Tokyo, only to be informed that the boss was too busy to see me. When I complained that my subject was more elusive than a Bengal tiger, an ex-SoftBank executive, Indian by birth, replied: “In that case, I suggest you bring a goat.”

A smiling man in his forties, in suit jacket and tie. Behind him is a yellow sign with black lettering saying SoftBank
Son in 1999: ‘The archetypal middleman. He has ridden the technological wave that has created untold wealth’ © Gamma-Rapho via Getty Images

In western media Son often comes across as a cartoon character. He has compared himself to Yoda in Star Wars; Napoleon (of which more later); and Jesus Christ (who was equally misunderstood, apparently). Obsessed by longevity, he has told friends that he hopes to live past 120, and that SoftBank should be built to last 300 years.

After four sit-downs with Son, as well as interviewing more than 150 people who know or have worked with him, I have concluded there’s a lot more to this restless character than meets the eye. While Son did not invent, control or own a breakthrough technology, he is the archetypal middleman. He has ridden the technological wave which has created untold wealth and penetrated every corner of our society. 

His is a story of our times.

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Masayoshi Son is a quintessential outsider. This may explain his bottomless risk appetite and his desire to prove himself, over and over again. He was born in 1957 to poverty-stricken second-generation Korean immigrants on the island of Kyushu in the western Japanese archipelago. The family home was the equivalent of a cowshed, one of dozens of makeshift dwellings on a plot of unregistered land near the railway station.

Years later, Son confessed to a friend that he suffered from a recurring dream, waking up to the stench of pig faeces in his nostrils. His friend told him it wasn’t a nightmare but a childhood memory. “We started at the bottom of society,” Son told me. “I didn’t even know what nationality I was.”

As Korean-Japanese, the Son family followed tradition and lived under a Japanese name, Yasumoto. (Son later persuaded the authorities to let him combine his Japanese first name and Korean surname — a notable breakthrough.) His father Mitsunori was a bootlegger at the age of 14, later diversifying into pig breeding, loan sharking and pachinko, a form of low-stakes gambling that offered a livelihood to Koreans shut out of the Japanese economy. 

In April 2023, Mitsunori, 87, sitting in the family home adorned with photographs of his favoured second son, described how he rearranged the pins on his pachinko slot machines so that everybody in town thought they were a winner. His upfront losses were eye-watering. Then he moved the pins back into place — and started making serious money. 

Watching his father, Son learnt how to hustle. But the boy’s ambitions went way beyond pachinko gambling. He wanted to escape Japan and a lifetime of discrimination. Aged 16, he announced he wanted to learn English and study in the US. His family were dismayed, but soon relented. 

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A man in shirt and tie sits at a desk in front of a computer screen. He is turning round to speak to someone behind him. On the desk is a small teddy
At SoftBank’s Tokyo headquarters in 1996 © The Asahi Shimbun via Getty Images

Son’s six years in California, which included three years as a student at the University of California at Berkeley, were a life-changing experience. He saw first-hand the PC revolution. He read about Microsoft’s Bill Gates and Apple’s Steve Jobs. He also made his first fortune, developing a pocket speech synthesiser with the help of a team of UC Berkeley engineers led by Professor Forrest Mozer, a nuclear particle physicist.

I tracked down Professor Mozer, then aged 92, during a visit to Berkeley in October 2021. He described Son as a modest student with little technical background but a businessman with a capital B. “That guy is going to own Japan one day,” he told his wife. 

Later Mozer claimed that Son had gone behind his back and contracted with Japanese companies to sell American microchips (for the speech translator) that did not exist and for prices that he’d invented. He said he was not told Son was due to earn almost $1mn in fees. “I was his first business partner,” Mozer told me, “and on his first business deal he lied and cheated me.”

When questioned, Son rejected that, and insisted he had wrongly assumed he had permission to do what he did. (Mozer himself concedes there was no written contract between the two, just a gentleman’s agreement.) Son unravelled the Japanese deals and vowed to take more care in future. Perhaps the episode marks Son’s “original sin”, a short-cut on the way to the top that many entrepreneurs would recognise.

After his sojourn in California, Son returned home. In 1980, Japan seemed destined to be the world’s number-one economic power. Son was perfectly placed to act as a gateway for US tech businesses seeking to penetrate the Japanese market.

Bill Gates describes Son as a cultural interpreter as much as a commercial middleman. “Whenever you’ve been three or four days in Japan, and have had nothing but polite things to say to each other, invariably through an interpreter. . . then there’s this guy who speaks perfect English. It was such a relief. Masa was easy to talk to. He was an insider but an outsider too.”

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Two men stand smiling. Son, the shorter man, wearing open-neck shirt and jacket, holds a mobile phone. Next to him, Jobs, taller, wearing black rollneck top and jeans, stands with his hands behind his back
With Apple’s Steve Jobs in 2008 © Photoshot

After software distribution, Son pivoted to investing in internet-related business, placing two spectacular bets: on Yahoo, which earned him a six-fold return ($3.5bn), and on Alibaba, which gave a 1,310-fold return ($97bn). While he built a successful Japanese affiliate, Yahoo Japan, he never took his eye off the US market. 

In the mid-1990s, he acquired Las Vegas-based Comdex, then the number-one tech trade fair, the Ziff Davis computer publishing empire and a host of dotcom properties. In 2013, he went one better and bought Sprint, the lossmaking US telecoms operator, finally pulling off a merger with T-Mobile that created a “third force” alongside Verizon and AT&T.

Throughout, SoftBank took advantage of the almost three decades of near zero interest rates in Japan. Son borrowed cheaply to pay generous prices for US assets, raising billions on the corporate bond market. “You don’t understand,” he once told a fretting colleague, “in Japan, money is free.”

In assessing Son’s track record, it is important to distinguish between SoftBank Corp, the listed company responsible for the operating companies, and SoftBank Group, the publicly quoted group holding company and major investor.

Businesses such as Yahoo Japan and SoftBank Mobile have proved highly successful and profitable. The Sprint acquisition, initially a dud, proved a winner after the T-Mobile merger. But Son has always cared more about growth than profits. SoftBank Group has long been highly leveraged, meaning it has a lot of debt in its capital structure. At times, it has ranked as one of the world’s top 10 indebted companies — not a comfortable position when inflation roared back in 2021. 

Son is a major shareholder and a major borrower, using his SoftBank shares as collateral. Risk is built in. Suppose SoftBank shares fall sharply, lowering the value of the collateral, as has occurred many times during Son’s wild ride. Then panicky banks might demand the loans be repaid, destabilising the entire corporate structure. 

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Son bristles when challenged, emphasising that as a co-investor he has “skin in the game” and therefore an incentive to invest responsibly. Nevertheless, some associates believe SoftBank’s founder is “addicted” to leverage. They told me he became hooked after the $20bn bid in 2006 to buy Vodafone Japan, the largest leveraged buyout in Asia at the time. He succeeded thanks to a financial magician by the name of Rajeev Misra, a former Deutsche Bank debt trader whose reward was to be put in charge of the $100bn SoftBank Vision Fund in 2017.

Three men, smiling, walk past a rustic-style wall. All are casually dressed. One of them, Misra, is waving in greeting
Son in 2018 with ‘financial wizard’ Rajeev Misra, waving, and Marcelo Claure, who led the Sprint turnaround © Bloomberg

Misra was one of several talented executives trained as mathematicians, who applied their engineering skills to finance rather than academia. Over time, they lent a mercenary streak to SoftBank, stoking their boss’s appetite for dealmaking. 

To some degree, the cultural shift was inevitable as SoftBank evolved from a Japanese technology conglomerate to a global investment group. But it was also a recipe for infighting at the top, latterly between Misra and Marcelo Claure, a 6ft 6in Bolivian-American who led the Sprint turnaround. Often the spats played out in the media. “They leaked like septic tanks,” says a SoftBank colleague.

Although Son adopts an abstemious public profile, his private consumption is more extravagant (albeit drawing on his own money rather than the company’s). He pays for his private plane and his favourite red wine (from Domaine de la Romanée-Conti, at a minimum $6,000 a bottle). He has extensive properties around the world, including three conjoining houses in central Tokyo likened by one visitor to Wayne Manor, fictional home of Batman. 

The basement features an artificial golf course where Son and guests can play in all-weather conditions on any course in the world. One portion of the house is decorated in the Empire style, the period between 1800 and 1815 when Napoleon modernised France and redrew the map of Europe. I discovered Son has a fascination with the Corsican Little Corporal, a fellow outsider.

In early 2020, a team from Elliott Management, the New York activist investor, paid a visit to Japan. Having bought a 3 per cent stake in SoftBank, their goal was to persuade Son to improve corporate governance, thereby boosting the share price. When an Elliott executive invoked the example of Mark Zuckerberg, Facebook’s founder, or Bill Gates of Microsoft, Son erupted in frustration.

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“These are one-business guys. I am involved in 100 businesses and I control the entire [tech] ecosystem,” he remonstrated. “The right comparison for me is Napoleon, Genghis Khan or Emperor Qin [who built the Great Wall]. I am not a CEO. I am building an empire.”

A man, smiling, is on stage, dressed in traditional samurai dress. He crouches down, his sword on his legs. In front of him is a sign with Japanese lettering
Son dressed as Ryōma Sakamoto, a legendary reformer of the Edo period, for a performance with other young entrepreneurs in Tokyo in 1999  © Reuters

Delusional? Not if you believe that Son is bent on “Making Japan Great Again”. After the collapse of the bubble economy in 1989-90, Japan entered a “lost decade” characterised by deflation and tepid growth. Son, the outlier, remains an object of suspicion among the Japanese business establishment. He counters by playing the patriot, claiming he wants to revive the country’s animal spirits. But his vision of a resurgent Japan contains a megalomaniacal streak. 

When Son launched the $100bn SoftBank Vision Fund, an arms race in the world of venture capital ensued, leading to wholesale value destruction. Doling out sums of between $100mn and $200mn would have meant Son meeting hundreds of individual founders to check their credentials. Even with his legendary stamina, working 20-hour days, often flying on his private jet through multiple time zones, that was a physical impossibility. 

Crucially, much larger sums — $500mn or more — were required to move the needle in a giant fund like the Vision Fund. The target companies couldn’t be start-ups as such; they were “later-stage” companies, turbocharged for growth by the injection of SoftBank capital. One of these companies was WeWork, founded by Adam Neumann, a tall Israeli with a planet-sized ego.

Son was utterly sold on Neumann, a fellow dreamer who spoke about world domination. When WeWork’s losses piled up, colleagues pleaded with Son to stop. The boss refused to budge.  

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“As you all object, I am becoming more and more interested in this company,” he said. “I am looking at Alibaba and only he [Neumann] looks like Alibaba today.”

The initial Alibaba investment in 2000 — two bets of $20mn and $80mn — turns out to have been a curse as much as a blessing. Eager to prove his success wasn’t a one-off, Son talked about creating 10 SoftBank Vision Funds with a total war chest of $1tn dollars. These were castles in the air — the stuff of hubris. 

Those who know Son say he is a brilliant operator (when he focuses), an average investor and a terrible trader. Between 2019-21, as markets turned down, Son suffered heavy losses on Vision Funds 1 and 2. He tried to recover by speculating wildly on options trading, using an in-house hedge fund called Northstar. SoftBank was left nursing multibillion-dollar losses. 

For 18 months, he withdrew from public view, ostensibly serving penance but in reality plotting a comeback. Today, he is betting the house on artificial intelligence in order to reclaim his position as one of the world’s leading entrepreneur futurists.

To date, his record is fitful at best. Between 2017 and 2022, he mentioned “AI” more than 500 times in quarterly and annual results presentations. Yet when it came to OpenAI and its breakthrough product ChatGPT, the lead investor was Microsoft. Son never got a look in.

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Part of the problem was timing. In the Vision Fund years, AI businesses were either small scale, early in development or out of the public eye. During the Covid pandemic, Son was grounded in Tokyo. In early 2022, when travel restrictions were finally lifted, with the exception of China, SoftBank was sandbagged by record losses. 

Had Son conserved his firepower rather than splurging money on more than 500 separate companies in the Vision Funds, he would have been perfectly placed. With company valuations beaten down by higher interest rates, Son could have acquired stakes in promising AI-related businesses at bargain prices. In hindsight, he admits, “Timing-wise maybe we were a little too early.”

It’s a familiar story: right instincts, wrong timing. (If he’d held on to his 5 per cent stake in advanced chipmaker Nvidia in 2019, he could have made another fortune.) Yet one of Son’s AI bets has paid off handsomely. UK chip designer Arm — acquired in 2016 — is at the centre of yet another super-vision: a $64bn plan to transform SoftBank Group into a sprawling AI powerhouse, including a foray into the development of artificial-intelligence chips, announced in May. The goal is to build a prototype by 2025, with each chip being able to process vast volumes of data. This hugely ambitious venture aims to create SoftBank Group’s own vertically integrated AI ecosystem, from manufacturing chips and operating data centres to industrial robots and power generation.

Three men in suits stand in a huddle. Donald Trump places a hand on Son’s shoulder. The other man has his arm around Son’s back
With President Donald Trump and Foxconn founder Terry Gou, at an event Wisconsin in 2018 © Zuma Press/eyevine

True, SoftBank cannot touch the likes of Amazon, Google and Microsoft, but Son is a customer and supplier to the hyperscalers. His new chipmaking venture involves billions of dollars of investment. Once a mass-production system is established, the AI chip business could be spun off, realising billions of dollars of value to its parent SoftBank. 

How does this movie end? Those betting on a financial apocalypse have been disappointed. Call Son lucky, call SoftBank too big to fail. After four years studying the world’s greatest disrupter, my message is unequivocal. 

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Don’t ever count him out. 

‘Gambling Man: The Wild Ride of Masayoshi Son’ by Lionel Barber is published by Allen Lane on October 3 

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