Last year, analysts highlighted the growing potential for drinks brands in Japan as the country prepared to inject billions into its ski tourism industry. Now, those opportunities are set to expand even further. Singapore-based Patience Capital Group, the key investor behind a US$1.42 billion ski resort development in northern Japan, is looking to open its fund to new international backers.

The investment centres on Myoko Kogen, a snowy region in Niigata Prefecture, which Patience aims to transform into a world-class ski destination to rival the likes of Aspen and Whistler. Founder Ken Chan has already acquired 350 hectares of land and is actively seeking to purchase more, with long-term projections suggesting investment could climb as high as 210 billion yen (approximately US$1.42 billion)—or even beyond.

Strengthening yen attracts investors to Japanese assets

Patience Capital’s decision to seek additional investment is closely tied to macroeconomic shifts in Japan. After nearly three decades of decline, the Japanese yen is beginning to recover, recently hitting a one-month high against the US dollar. Bloomberg forecasts suggest the yen could strengthen to ¥135 per US$1 by the end of 2024.

“It’s clear from a macro perspective that this year is a very important year to put funds into yen assets, because the yen is too cheap right now,” Chan told Reuters.

By tapping into international capital while the yen remains relatively undervalued, Patience Capital hopes to accelerate the development of the Myoko Kogen ski resort. With its famously deep snowfalls and scenic terrain, Myoko is already known to skiing enthusiasts—but this new influx of investment aims to put it firmly on the global luxury map.

Après ski culture poised to boom

With the first of two luxury hotels scheduled to open in 2028, expectations are high that Myoko will soon attract affluent tourists seeking not just outdoor adventure but premium dining, entertainment, and après ski experiences. That anticipated growth spells significant opportunity for drinks brands looking to establish themselves early in a high-value market.

The region is set to develop a thriving hospitality scene, and drinks companies—from beer and wine producers to premium spirits brands—are well-positioned to benefit. Establishing branded venues, securing exclusive pouring rights, or partnering with luxury hotels could offer significant returns as the resort gains popularity.

Global drinks brands could cash in on the ground floor

With such a major project taking shape, the question now is whether any of the global drinks giants—such as Diageo, Pernod Ricard, AB InBev, Kweichow Moutai, Asahi Group Holdings, or Moët Hennessy—will step forward and invest. Early involvement in branded bars, clubs or ski lodges in Myoko could provide these players with a lucrative gateway into Japan’s booming hospitality and tourism sector.

Given Asia Pacific’s growing importance in global drinks sales, and Japan’s strategic location and reputation for premium experiences, the project represents a timely and potentially transformational opportunity.

As Myoko Kogen begins its transformation into a world-class ski resort, all eyes will be on which brands move first—and how they shape the emerging après ski culture in one of Japan’s snowiest regions.