Market Correction at Japan Sales
Wednesday, July 15, 2009 at 12:57PM 
Top Lot 275 by Daiwa Major (Sunday Silence) out of Wind In Her Hair
(Photo : M MacDonald)
Japan Racing Horse Association July Select Sale
Day 2 Foal Session
Although the yearling sales day was described as “amazing” by breeders at the JRHA sale on Monday, sober realism erased the euphoria as the prices for the first session of foals plunged.
The Thoroughbred Daily News reports : “This is a market we must accept under the current economy,” said JRHA spokesman Naohiro Goda, suggesting that consignors may have become too optimistic following a 15-percent leap upward in gross during Monday’s yearling session. “Some consignors set high reserves for the first foal session, which resulted in the high buy-back rate,” Naohiro Goda said, explaining that some viewed the trend of increasing strength in Japan’s yearling market as an incentive to hold onto their foals for sale in 2010, unless they received outstanding prices.
Traditionally, Japanese buyers have preferred to purchase foals, but market predilections are following international standards and shifting toward yearlings.
