Owner Relationship Exposed—Inside the Case Surrounding Wakasa Tano

A decline in Michelin-starred restaurants!?

On September 25, 2025, the full selection for Michelin Guide Tokyo 2026 was announced at the Westin Tokyo, following last year’s event.

This year’s listings total 526 restaurants (65 new, 7 promoted), covering 37 cuisine categories, including the Japan debut of “Southeast Asian Cuisine.” The breakdown is as follows: – Selected Restaurants: 252 (38 new) – Bib Gourmand: 114 (16 new) — restaurants offering exceptional value – One Star: 122 (11 new, 3 promoted) – Two Stars: 26 (0 new, 3 promoted) – Three Stars: 12 (0 new, 1 promoted) – Michelin Green Star: 13 (1 new).

The number of Michelin-starred restaurants now stands at 160, and since the guide’s debut in Japan with Michelin Guide Tokyo 2008 in 2007, Tokyo continues to be the city with the most Michelin-starred listings in the world. Tokyo also leads globally in the number of Michelin Green Star restaurants — an award given to establishments actively engaged in sustainable gastronomy, a focus area for the guide. Both Bib Gourmand and Selected Restaurant categories have increased as well, showing the broadening base of Tokyo’s culinary scene.

Although Tokyo maintains the world’s top position — partly because the gap with other cities has always been large — the number of starred restaurants itself has been decreasing. When Michelin Guide Tokyo 2008 first launched in Japan in 2007, there were 150 starred restaurants. In Michelin Guide Tokyo–Yokohama–Shonan 2012, Tokyo reached its peak with 247. After fluctuations over the years, Michelin Guide Tokyo 2025 listed 170, and this year the number has dropped to 160.

Why investment funds are targeting chefs and pâtissiers

It’s not that Tokyo’s restaurants have lost their momentum — far from it. What has been increasing over the past five years are projects backed by investment firms. These companies treat chefs as investment targets: they evaluate them, and if they judge that a return is likely, they provide capital or loans from their funds to support the chef’s independent opening of a restaurant.

Once the restaurant begins generating profit, a new company is established and an MBO (management buyout) is carried out. Ultimately, the chef becomes the 100% owner, while the investment firm receives its return. The targets are not limited to chefs — pâtissiers are also included.

Compared to becoming independent as a sole proprietor, the difference in startup capital is enormous. Opening a restaurant typically costs at least 10 million yen, but with this system, several times that amount can be invested. This means the chef can start with everything they desire — a spacious, well-located venue, carefully designed interiors, state-of-the-art equipment and efficient kitchen layout, fine tableware from renowned kilns, and ample staff.

In addition to funding, they gain valuable expertise in management, finance, marketing, and more. The creation of the official website, optimization of the reservation system, media outreach, and publicity are all handled thoroughly.

Because this scheme is now well established, promising young chefs and those seeking the next step in their careers can receive support to open luxurious, opulent high-end restaurants. However, many chefs do not want others to know they are investment-backed, and investment companies themselves operate strictly in the background, so the specifics rarely surface publicly.

Featured in the Bib Gourmand just two months after opening! What is Night Market?

Amid this trend, one notable restaurant that has even responded to interviews by the Nikkei is Night Market. It opened in Shibuya on July 1, 2025, and quickly appeared in Michelin Guide Tokyo 2026 as a Bib Gourmand selection. The “Southeast Asian Cuisine” category was newly added this year, and Night Market is the only restaurant included in that category.

Guests can enjoy modern Asian dishes by Chef Chihiro Naito, drawing on influences from Vietnamese, Thai, and Filipino cuisine. A must-try item is the “Charcoal-Grilled Duck Breast with Kecap Manis,” finished in a beautiful rosé hue that brings out the duck’s rich flavor. The restaurant also offers an extensive selection of natural wines, pairing exceptionally well with the herbal-forward dishes. Dinner starts at around 10,000 yen, meaning it is not overly expensive.

Notable Newly Listed Bib Gourmand & Selected Restaurant Entries in the 2026 Edition

There are several other newly recommended Bib Gourmand and Selected Restaurant entries this year, so here are some notable ones along with their price ranges.

Located on Mejiro-dori, Teuchi Soba Jiyūsan (Higashi-Nagasaki, Nakano Ward / Lunch from 2,000 yen, Dinner from 6,000 yen) offers outstanding soba made only with buckwheat flour and water: the 100% buckwheat seiro soba, and the tebiki inaka soba, coarsely ground with the husk using a hand-turned stone mill. Their fluffy tamagoyaki, cooked to order in a copper pan, is also highly praised. Enjoying a Heartland beer with the tamagoyaki while waiting for your soba is pure bliss.

Idol (Daikanyama / Lunch from 10,000 yen, Dinner from 20,000 yen) is a counter-style French restaurant opened by Daiki Kanekawa, who previously earned one Michelin star. Highlights include the “Quail Cordon Bleu,” which elevates fried chicken into haute cuisine, and the refined, deeply flavorful “Eel Matelote (red wine stew).”

Kiyoto Kurokawa, who trained at the popular Yokohama sushi restaurant Nakajō, opened Hakozakichō Sumito (Suitengū-mae / from 30,000 yen) in 2023. Despite being located in a basement, the space is spacious, and every item leaves a lasting impression — from the tuna nigiri sourced from Yamayuki, to the cohesively crafted maki rolls, and the two types of tamago. The restaurant is also flexible: if reserved by the day before, they serve lunch as well.

Kanshin (Akabanebashi) is run by Jinkyō Nakai, who trained for about 20 years at “Kyoto Kiccho.” In addition to the 27,500-yen omakase course, the restaurant also offers a short course of “Three Seasonal Dishes” (6,600 yen), which is a distinctive feature. The menu includes highly original items such as the “Buri Stick Sushi,” which guests roll themselves, and “Kanshin’s Century Egg,” a perfect pairing for sake.

Yosuke Akasaka is a highly skilled chef who previously served in the demanding role of executive chef at the two-star restaurant Pierre Gagnaire. The much-talked-about restaurant he opened after going independent is La Maison Confortable (Azabu-Juban / Lunch from 15,000 yen, Dinner from 30,000 yen). Beginning with a beautifully delicate assortment of amuse-bouches, the restaurant enchants guests with light and refined French cuisine. True to its name, it offers a comfortably woven dining experience.

The restaurants newly appearing in the Michelin Guide Tokyo 2026 selection are sure to attract even more attention in the future. If any of them catch your interest, you should visit them as soon as possible.

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