Kohei Morinaga’s Insight into the Future of the Trump Tariff Shock at the Late Takuro Morinaga’s B-Hokan

“I have no intention of mimicking my father’s character.”
Surrounded by 130,000 B-grade collectibles, including model cars, empty cans, and soy sauce dispensers.

“I thought I resembled my mother, but do I look that much like my father? It’s a bit complicated, whether I should be happy about it or not (laughs).”

The person standing next to the life-size panel of the late economic analyst Takuro Morinaga (who passed away in January at the age of 67 from an unknown cause of cancer) is his eldest son, Kohei Morinaga (40), who is also an economic analyst. His playful smile is unmistakably inherited from his father.

The “B Treasure Museum” in Tokorozawa, Saitama Prefecture, showcases a collection of items Takuro Morinaga collected during his lifetime, including mini cars, empty cans, Soy Sauce containers from Kiyoken, and pun merchandise signed by celebrities. The number of exhibits exceeds 130,000. In this place, filled with his father’s memories, Kohei shared his feelings.

“These past two months have been chaotic. My father’s workplace is still just as it was during his lifetime. Even after he passed, packages from Mercari kept arriving, and when I opened them, they contained mini cars. I believe he didn’t plan on passing away so soon, which is heartbreaking.”

It was in December 2023 that Takuro Morinaga publicly announced his battle with cancer. For the next year, he continued writing and appearing on shows until his last breath.

“Even now, I receive contracts saying ‘We had promised to publish,’ and there are requests to review galleys. I don’t even know exactly what books he planned to publish. The most difficult part is checking that no books contrary to his intentions are published.”

After being given a terminal diagnosis, Takuro Morinaga’s statements became more radical, especially his criticism of the Ministry of Finance and the government’s reckless investment advice. Perhaps because of this, his television appearances significantly decreased.

“He said he was blacklisted, but I don’t know the full truth. Even so, radio shows like ‘Kakihana Masaru Anata to Happy!’ (Nippon Broadcasting), ‘Otake Makoto Golden Radio!’ (Cultural Broadcasting), and TV shows like ‘Gacchiri Monday?’ (TBS) supported him until the end, always featuring him.”

At the wake, a memorial program from Nippon Broadcasting was played as background music, and everyone listened to it with tears in their eyes. For a week after his passing, ‘Golden Radio’ started each show by talking about him in the opening. ‘Anata to Happy!’ and ‘Gacchiri Monday’ made tribute programs. Not all shows have tribute programs when a guest passes away, so it really made me realize how much my father was loved by the people he worked with.”

During his father’s illness, Kohei sometimes took over his father’s roles. He is also set to continue his father’s appearances in the future.

“I know there are people who are critical of ‘hereditary’ roles, but there’s no point in worrying about that. I want to preserve my father’s image. However, I don’t intend to mimic his character. My father enjoyed being teased, and that fit well with variety shows. But if I did that, people would just think I’m trying too hard.”

It seems that the belief in following one’s own convictions without worrying about the opinions of others is something Kohei inherited from his father’s Morinaga-ism. But will he continue to uphold the ideas his father once advocated?

“My father was relentless in criticizing the Ministry of Finance, calling it ‘The Ministry of Finance Cult.’ I also agree with his stance that aiming for tax hikes regardless of economic conditions is problematic. However, my father often just said, ‘Dismantle the Ministry of Finance,’ without discussing what should come after. Nowadays, parts of the dismantling protests have become more extreme, and the direction has become problematic. Even if the Ministry is dismantled, if a new department simply takes over its functions, it won’t be meaningful. I believe he should have outlined what to do after that.”

One of the most impactful arguments from Takuro Morinaga was his claim that the Nikkei Average will eventually crash to 3,000. With the market in turmoil due to the U.S. “Trump tariffs,” his prediction seems more credible than ever.

“My father started selling off stocks and investment trusts about a year before he passed, and sold everything except for stocks with shareholder benefits, like those from Takara Tomy. As a result, he sold at the peak when the Nikkei was over 40,000, which ended up funding his cancer treatment, but I think that was just pure coincidence (laughs).

I also believe the stock market will face a tough time for a while, but I think the bottom will be around 30,000. As for the Trump tariffs, it’s unclear how serious they really are. China has retaliated with its own tariffs, so there’s also a chance they could be withdrawn unexpectedly. While we might see volatile movements for about half a year, I think the stock market will likely return to normal by the end of the year.”

The fate of the collection

The B Treasure Museum, filled with memories, is expected to be inherited by Kohei’s younger brother.

“My brother will become the new director and continue the monthly openings. In fact, I also helped my father collect his pun-related items several times. I once went to get an autograph from former Giants pitcher Mitsuo Sumi (68) on a ‘Sumikko Gurashi’ figure. I could carry on this hobby, but thinking up puns is quite challenging, so I’m not sure if the collection will grow any further (laughs).”

Supporting the weak and explaining economics in an easy-to-understand way — this approach that his father, Morinaga, upheld seems to have been passed down to his son.

From “FRIDAY” April 25 and May 2, 2025