Chefs and patissiers are “investment targets”… The identity of the “black” fund behind the Michelin star.

Fewer Starred Restaurants!

On September 25, 2013, all selections for the “Michelin Guide Tokyo 2026” were announced at the Westin Tokyo, continuing from last year.

This year’s list includes 526 restaurants (65 new and 7 promoted) in 37 culinary categories, including “Southeast Asian Cuisine” for the first time in Japan. This year’s list includes 252 Selected Restaurants (38 new), 114 Bib Gourmands (16 new), 122 One Star (11 new, 3 promoted), 26 Two Stars (0 new, 3 promoted), 12 Three Stars (0 new, 1 promoted), and 13 Michelin Green Stars (1 new).

With 160 starred restaurants, Tokyo continues to be the city with the most starred restaurants in the world since the Michelin Guide Tokyo 2008 was published in 2007, when the Guide first arrived in Japan. Tokyo is also the city with the highest number of Michelin Green Stars, which are awarded to restaurants that are actively involved in sustainable food culture, an area in which the Michelin Guide focuses its efforts. The number of Bib Gourmands and Selected Restaurants is also increasing, expanding the base of gastronomy.

The number of starred restaurants has been declining, although the gap with other cities has always been large, and the number of starred restaurants has remained the highest in the world. The Michelin Guide Tokyo 2008, which first appeared in Japan in 2007, had 150 starred restaurants. In the “Michelin Guide Tokyo/Yokohama/Shonan 2012,” the number of starred restaurants peaked at 247 in Tokyo, and has since increased and decreased, reaching 170 in the “Michelin Guide Tokyo 2025” and 160 this year.

Investment Funds Target “Chefs and Patissiers

It is not as if Tokyo’s restaurant scene has lost momentum. What has been increasing over the past five years is the number of “deals” by investment firms. They screen chefs for investment, and if they see the potential to make a return on their investment, they provide funding or loans from a fund to help the chef start his or her own business.

When the restaurant becomes profitable, a new company is established and an MBO (management buyout) is conducted, with the chef eventually becoming the 100% owner and the investment company receiving a return. Not only chefs, but also patissiers are eligible for this program.

Compared to starting one’s own business as a sole proprietor, there is a huge difference in the amount of funds needed to open a restaurant. It is said that it generally costs more than 10 million yen to open a restaurant, but you can invest several times that amount. You can have everything you want from the start, including a large space in a good location, a carefully selected interior, the latest fixtures and efficient flow line design, tableware from a famous kiln, and sufficient staff.

It is not only the funds, but also the various know-how in management, finance, and marketing. We are also well equipped to produce an official website, optimize the reservation system, and approach and expose the event to the media.

With these schemes in place, promising young chefs and chefs who want to take their skills to the next level can receive support and open luxurious, upscale restaurants. However, since many chefs do not want to reveal that they are the target of the investment, and the investment company is also in the black, not much concrete information has surfaced.

Listed in “Bib Gourmand” within 2 months of opening! What is “Night Market”?

The ” Night Market ” is a restaurant that has been the focus of much attention, and has even been interviewed by the Nikkei newspaper. It opened in Shibuya on July 1, 2013, and was immediately featured in the “Michelin Guide Tokyo 2026″ as a Bib Gourmand. Southeast Asian cuisine” was newly added to the cuisine category, and “Night Market” is the only one that belongs to this category.

Chef Chihiro Naito’s modern Asian cuisine includes Vietnamese, Thai, and Filipino dishes. The “Char-grilled Duck Breast with Ketchup Manis,” a beautiful rosé-colored dish that brings out the best flavor of duck meat, is a must-try. The restaurant also offers a wide selection of natural wines that go perfectly with the herbal dishes. The budget is not extremely expensive, starting at around 10,000 yen for dinner.

New “Bib Gourmand” and “Selected Restaurants” of the 2026 edition

There are other recommended Bib Gourmands and Selected Restaurants newly introduced this year, which we would like to introduce along with their budgets.

Jiyusan” (Higashi-Nagasaki, Nakano-ku, Tokyo; from 2,000 yen for lunch, from 6,000 yen for dinner), located on Mejiro-dori Avenue, offers “Seiro-soba,” made with only buckwheat flour and water, and “Tebiki Rural-soba,” made with hand-ground stone mortar and roughly ground with husks. The fluffy “omelette” baked in a copper pot upon order is also well-reputed. It is a blissful time to wait for soba noodles while enjoying a Heartland beer with this dish.

Idol” (Daikanyama, from 10,000 yen for lunch, from 20,000 yen for dinner) is a counter French restaurant opened by Daiki Kanekawa, a Michelin Guide star winner, as the owner-chef. The “Quail Cordon Bleu,” which sublimates fried chicken into a “gastronomic” dish, and the “Matrotte (eel stewed in red wine),” which has a delicious taste, are the highlights of the menu.

Kiyoto Kurokawa, who trained at the popular Yokohama sushi restaurant “Nakajo,” opened “Hakozakicho Sumito” (Suitengumae, from 30,000 yen) in 2011. In a spacious space despite being on the basement floor, the restaurant offers a variety of dishes that will leave a lasting impression, such as tuna nigiri from “Yamayuki”, makimono with a sense of unity, and two kinds of eggs. The restaurant is also flexible and open for lunch if you make a reservation at least one day in advance.

Kanshin” (Akabanebashi) is run by Jinyasu Nakai, who trained at “Kyoto Kitcho” for about 20 years. In addition to the omakase course (27,500 yen), the restaurant offers a short course of three seasonal dishes (6,600 yen). The menu is full of originality, including “yellowtail stick sushi” that you roll yourself, and “Kanshin’s pitaan,” which is a good accompaniment to sake.

Yosuke Akasaka is a talented chef who held the position of executive chef at the two-star “Pierre Gagnaire. He opened his own restaurant, La Maison Comfortable (Azabu Juban, from 15,000 yen for lunch, from 30,000 yen for dinner), which is the talk of the town. Beginning with a beautiful and delicate amuse platter, guests are captivated by the light French cuisine. As the restaurant’s name suggests, a pleasant dining experience is spun.

The restaurants newly included in the restaurant selection of the “Michelin Guide Tokyo 2026” will be attracting more and more attention in the future. If you find a restaurant that interests you, please visit it immediately.

Click here to purchase Ryu Azuma’s book “Restaurant Business” (Crossmedia Publishing), an enjoyable read for everyone from gourmands to industry professionals.