The line-up for the Japan Cup in November had a depth that would have been the envy of organisers of other major races around the world. While it contained only one international challenger – France's versatile dual Group 1 winner Iresine (Fr) – the first five horses home read like a who's who of the Japanese turf. Equinox – who else? – led home Fillies' Triple Crown winner Liberty Island (Jpn), the previous year's Japanese Oaks winner Stars On Earth (Jpn), the 2022 Japanese Derby winner Do Deuce (Jpn) and Titleholder (Jpn), the Japanese St Leger winner of 2021 who had subsequently won another two Group 1 races at four. In short, it was a proper race. 

The recognition of this, and in Equinox becoming the second Japanese horse after Just A Way (Jpn) to top the world rankings, comes as the Japan Racing Association (JRA) celebrates its 70th anniversary. 

The inauguration of the Japan Cup in 1981 provided a vehicle with which the country could set about promoting its racing industry worldwide. This in turn led to the establishment of five international JRA offices in key racing nations, a situation which underlines the global ambition not just of Japan's trainers but of its racing administrators. And it is this joined-up approach, from the breeding farms, through to the personalities and the sport's governance, which has surely played its part in the racing supremacy of Japan. 

Kanichi Kusano, the general manager of the JRA office in London, says, “We wanted to promote international racing. That's the reason why we started the Japan Cup. The objective of horse racing is to promote the pedigree. So if you don't have a strong horse competing in a race it is difficult to upgrade the pedigree, and that's another reason that we started the Japan Cup.

“To promote the Japan Cup, we need people promoting it on the ground. The London office was the first office created, 32 years ago, and that was followed by New York, and then we gradually expanded to Hong Kong, Sydney and Paris. So we have five international offices now and still we have to keep working to find the runners for the Japan Cup. That's the main purposes of these offices, to promote the Japan Cup and Japanese racing.”

The early years of the Japan Cup were liberally sprinkled with overseas winners from America, Ireland, Britain, France, New Zealand, Australia, and Germany. Among the visitors, Sir Michael Stoute is the only trainer to have won it twice, with Singspiel (Ire) and Pilsudski (Ire) in 1996 and 1997. The last international winner came almost 20 years ago, when Luca Cumani saddled Alkaased for Michael Charlton. 

The following year came the turn of Deep Impact (Jpn) and since then it has been a solely Japanese success story, despite attempts from the likes of Oaks winner Dancing Rain (Ire), Arc winner Solemia (Ire), Irish Derby winner Trading Leather (Ire), and Melbourne Cup winner Dunaden (Fr). In 2022, Onesto (Ire), Tunnes (Ger) and Simca Mille (Ire) all took their chance but came home empty-handed. Well, not quite, for, as well as significant bonuses on offer for winners of major races around the world if they can win the Japan Cup, there is also a generous allowance simply for showing up. 

“The Japan Cup is invitational and we support all the transportation fees for the horses and the connections, including the jockeys,” Kusano explains. “And we also have appearance money. So for runners coming to the Japan Cup, without spending any money their owners will get at least £100,000 as appearance money. It's a great opportunity, but it is still not that easy to find runners.

“It's run in late November so obviously the trainer has to plan it, and there are lots of competitive races at the end of the season like the Arc, the Breeders' Cup and the Hong Kong International Races, so that's what we are competing against. And because we have very quick ground, not all the European horses can compete equally in those conditions, so that limits our selection as well.”

He adds, “Winning is important, of course, but just by visiting Japan and understanding the beauty of Japanese racing, that is something that we want those owners to explore, to experience another country that is staging racing.”

Last year there were 24 races around the world for which the winner was in line for a $3-million bonus if he or she went on to win the Japan Cup. In 2024, the Coronation Cup at Epsom has been added to that list, with the Derby, Prince of Wales's S., Eclipse S., King George VI and Queen Elizabeth S., Juddmonte International and Champion S. also eligible in Britain. 

In France, the Prix du Jockey Club, Grand Prix de Saint-Cloud, Grand Prix de Paris and Prix de l'Arc de Triomphe are all qualifying races, while in Ireland the Irish Derby and Irish Champion S. also make the list. 

It is also worth noting that it is not only the Japan Cup that accepts overseas horses. It was the country's first, but since 2007 all graded races in Japan, which number more than 120, were opened up to outside runners, including some jump races.

The tide flows both ways, of course, and since 1958, when Hakuchikara (Jpn) became the first Japanese horse to compete abroad, in the USA, the floodgates have gradually been forced open. 

The following year Hakuchikara won the Washington Birthday Handicap S. Seeking The Pearl, Taiki Shuttle, El Condor Pasa and Agnes World all won Group 1 races in France in 1998 and 1999, while the latter won the July Cup of 2000, making him the first Japanese-trained winner of a Group 1 race in Britain. 

Cesario (Jpn), later the dam of stallions Epiphaneia (Jpn), Leontes (Jpn) and Saturnalia (Jpn), laid down another important landmark in 2005 when becoming the first winner of the American Oaks and Japanese Oaks, while the following year's Melbourne Cup saw a 1-2 for Japan with Delta Blues (Jpn) and Pop Rock (Jpn).

The list goes on, with the highlights including success in Dubai for dual Horse of the Year Gentildonna (Jpn), later followed by another queen of the Japanese turf, Almond Eye (Jpn), through to last year's Sheema Classic romp for Equinox and Dubai World Cup victory for Ushba Tesoro (Jpn). And let's not forget the first two Japanese-trained winners at the Breeders' Cup of 2021, Marche Lorraine (Jpn) and Loves Only You (Jpn). The Arc still eludes Japan, but that omission will surely be rectified before too long. 

“In Hong Kong, or in the Middle East, due to the difference of racing surface, Japanese horses have been really strong, but we have not been that strong in Europe, though we still want to reach out there as well,” says Kusano. 

The nominations for the Dubai World Cup were announced this week with an ominous list of 200 entries from Japan, including the co-top-rated filly in the world, Liberty Island, and defending World Cup hero Ushba Tesoro.

“I would say we will have 20-plus runners in the end,” he adds. “The system in Saudi, Dubai and Qatar is very simple and it makes it easy to plan for the Japanese horsemen, and these big races in February and March work well for the connections.”

As for Japan's own showcase race, the Japan Cup was broadcast live in Britain for the first time last year and there are plans in place to expand that commitment to show more Japanese races to European audiences.

Anyone who has seen clips of Japanese racing fans on social media or elsewhere will understand the level of support racing enjoys in the country, and without the need of extra-curricular enticements such as post-racing concerts. Though, like many other racing nations, attendance figures have dropped, there were still almost 86,000 people on course for Equinox's swansong. That, however, is a long way short of the record crowd figure set at Tokyo in 1990 of 196,517.

“Luckily racing is still very much accepted in Japan,” Kusano says. “The largest difference between racing in Japan and other countries is that we are purely fan-engaged. We truly race for the fans, while working closely with the [horses'] connections. If you don't value the fans you will lose the interest in the sport. So that's our main focus, and I think it is one thing we have been successful in doing. 

“People in Japan purely come to watch the races, and to see the horses and the jockeys.”

They also have the chance to say goodbye to their equine heroes, with on-course retirement ceremonies for the star names a regular feature. Equinox was given his own grand send-off at Nakayama three weeks after his final triumph in the Japan Cup.

“That's another important thing, for us to educate fans that it is the cycle of the pedigree,” Kusano says. “It's sad when one great horse retires, however, that blood will continue and be passed on to the next generation, and that's really the beauty of horse racing. It's a basic thing but it's really important to keep getting that simple information and image across to the fans.”

Kusano has spent the last two years based in Britain and is now a familiar face at racecourses around Europe. While many in this part of the world look on with envy at the strength of the racing and breeding industry in Japan, he has learnt to appreciate elements of British racing. 

He says, “The beauty of it is that you have a lot of opportunities for every horse that's bred. You have 59 racecourses and a lot of handicap racing. If you look at it from the other side, as an owner, not all owners have great horses. But if you have a horse you are excited about it, whatever the horse's rating, and there is always a place for him to compete. So for that reason, I think the UK is an excellent place for giving lots of different horses and owners a chance to compete and be involved in the racing industry. That's what I have found fascinating, and it's what we do not have in Japanese racing.”

Kusano adds, “The culture, the history and the equality for racehorses and owners, that's what has interested me.”

Of the two tiers of racing in Japan, the elite JRA circuit is staged across 10 racecourses and incorporating all the major Group 1 contests. The JRA also operates the two training centres, Miho in the east of Japan, and Ritto in the west. Each has stabling for around 2,200 horses in training.  

The second tier of more regional racing is the National Association of Racing  (NAR), which is operated under the control of local governments in 14 areas and staged on dirt.

While obtaining an owner's licence for the JRA is subject to wealth and suitability checks, the rise of racing clubs has enabled a greater number of people to feel closer to the action. Silk Racing, which owns Equinox, Almond Eye and the dual G1 Hong Kong Vase winner Glory Vase (Jpn) among many others, has several hundred members involved in each horse. 

“The racing clubs have certainly helped to make more people interested in racing,” says Kusano. “In Equinox there were 500 syndicate members and they shared the cost. The syndicate system is very different in Japan as the syndicate members are not regarded as racehorse owners, they are regarded as investors. 

“But just visiting a yard, or being involved in a horse race, gives great joy to people. And that's the great advantage of horse racing. I think we need to all spend more effort promoting that special environment.”

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Equinox's top rating of 135 – the highest ever awarded to a Japanese horse – was achieved in his four-length romp in the Japan Cup, his final appearance on a racecourse in which he had Liberty Island and her fellow Classic winners Stars On Earth (Jpn) and Do Deuce (Jpn) behind him. Such a strong first four meant that the 2023 running of the Japan Cup was awarded a rating of 126.75.

Trainers, jockeys, owners and breeders from across the racing world attended the ceremony at the Savoy to celebrate the 11th time that Longines and the International Federation of Horseracing Authorities (IFHA) had joined forces to celebrate the best in the sport. 

The Tetsuya Kimura-trained Equinox was the second Japanese horse to receive the accolade after Just A Way (Jpn) in 2014. Ridden throughout his career by Christophe Lemaire, he was unbeaten in 2023, with his other victories coming in the G1 Longines Dubai Sheema Classic, G1 Takarazuka Kinen (G1), and G1 Tenno Sho (Autumn).

“To be honest it was quite enjoyable,” said Lemaire with no little understatement of his association with Equinox as he accepted his award on Tuesday.

“Each time he ran there was a big expectation but on that horse I had such confidence. I tried to do my job as well as possible and I will miss him a lot. Like most top athletes he had a combination of physical strength and mental strength. His physical strength allowed him to run fast and use his beautiful stride. Also he was very clever, is he understood very quickly what he had to do to win. My job was just to get a good start and put him in a good position to let him express his talent.”

He added, “He was nearly the perfect racehorse and we have to congratulate the breeder for producing such a beautiful horse and the trainer for allowing him to mature and getting the best out of him. 

“Equinox was something special. He had an aura. Most of the people first discovered him in Dubai but in Japan he was already a rising star.”

Masashi Yonemoto, the CEO of Equinox's 300-strong ownership group Silk Racing, was in London to collect his award along with Kimura and Lemaire. A strong Japanese contingent was bolstered by the presence of Masayoshi Yoshida, the president of the Japan Racing Association (JRA), and Masayuki Goto, the JRA's executive adviser of international affairs, who received the trophy for the world's best race, which was a first for the Japan Cup in its 43-year history.

Equinox was rated 7lbs clear of last year's Prix de l'Arc de Triomphe winner, the unbeaten Ace Impact (Fr) (Cracksman {GB}), who was joint-second in the ratings with the G1 Prince of Wales's S. and Juddmonte International winner Mostahdaf (Ire) (Frankel {GB}) on 128. They were thus Europe's top-rated runners for 2023, a pound clear of G1 Queen Elizabeth S. winner Big Rock (Ire) (Rock Of Gibraltar {Ire}) and the G1 King George VI and Queen Elizabeth S. winner Hukum (Ire) (Sea The Stars {Ire}) who were joint fourth on 127.

Hukum's runner-up at Ascot, Westover (GB) (Frankel {GB}), and Hong Kong's champion Golden Sixty (Aus) were next on 126, while the dual Derby winner Auguste Rodin (Ire) was awarded a mark of 125 for his victory in the G1 Longines Breeders' Cup Turf, the same as Lucky Sweynesse (NZ), who was judged to have run to that mark on three occasions at Sha Tin and was the top-rated sprinter in the world.

There was a five-way tie for tenth place with a rating of 124 having been awarded to White Abarrio (Race Day), Cody's Wish (Curlin), Do Deuce (Jpn) (Heart's Cry {Jpn}), Titleholder (Jpn) (Duramente {Jpn}) and Paddington (GB) (Siyouni {Fr}).

In total, 36 horses achieved a rating in excess of 120. Of these, nine were trained in Britain, seven in Japan, seven in the USA, four in Hong Kong, and three each in France, Ireland and Australia. Frankel was the sire of four of the top 15 horses in Europe – Mostahdaf, Westover, Onesto (Ire) and Triple Time (Ire) – and grandsire of the co-top-rated Ace Impact, who was also the highest-rated three-year-old in the world. 

It was a particularly good year for European three-year-old colts, with Ace Impact being joined by Big Rock, Auguste Rodin, Paddington and King Of Steel among the top 20 horses globally. 

Three of the four top-rated fillies or mares in the world were also trained in Europe and all hail from the Newmarket stable of John and Thady Gosden. Emily Upjohn (GB) (Sea The Stars {Ire}) was awarded a mark of 121 for her G1 Dahlbury Coronation Cup win, while Inspiral (GB) (Frankel {GB}) was on 120 for her success in the G1 Prix Jacques Le Marois, the same mark given to Nashwa (GB) (Frankel {GB}) for her G1 Falmouth S. win. The aforementioned Liberty Island tied with Emily Upjohn on a mark of 121.

Also on 121 was the top-rated stayer, Sheikh Mohammed Obaid's Melbourne Cup winner Without A Fight (Ire) (Teofilo {Ire}), who started his career with Simon and Ed Crisford in Britain before switching to the Australian stable of Anthony and Sam Freedman. With Lucky Sweynesse leading the way for the older sprinters, the top three-year-old sprinter in the world for 2023 was the G1 Commonwealth Cup and G1 July Cup winner Shaquille (GB) (Charm Spirit {Ire}) on 120.

Four of the top ten races in the world in 2023 were staged in Japan, with the Takarazuka Kinen in fifth spot, the Tenno Sho (Autumn) joint-sixth and the Arima Kinen in eighth. The Equinox factor had a firm say in the rankings of the races, with the Longines Dubai Sheema Classic ranked second with an average rating of 126.50. The Qatar Prix de l'Arc de Triomphe, a regular winner of this title, was third on 124.75, just ahead of the King George VI and Queen Elizabeth S. on 124.50. The Royal Bahrain Irish Champion S was co-sixth, while the Prix du Haras de Fresnay-le-Buffard Jacques Le Marois was ninth and the Juddmonte International tenth. 

The official rankings are compiled by the Longines World's Best Racehorse Rankings Committee, which is co-chaired by Nigel Gray and Dominic Gardiner-Hill, and they are published by the IFHA.

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Mill Reef was born the year before me and though I wasn't precocious enough to have enjoyed his racing career live, for some reason, since I started taking a serious interest in racing, he has long been one of my favourite horses. I think a lot of it has to do with Mellon himself. 

Can you imagine a modern-day Gimcrack-winning owner writing a poem about his horse, as Mellon did for Mill Reef in 1970? That year was only the tip of the iceberg when it came to the horse's success. Six Group 1 wins would follow at three and four, including victory in the two most important races of all: the Derby and the Arc. 

I was thinking of Mill Reef the other morning as I always do on visits to the National Stud. His name plaque is still visible, and the stallion yard is made extra special for having his statue there en route to the paddocks. Its plinth bears plenty of clues as to the kind of man Paul Mellon was. One side states the horse's breeding and achievements and, in a particularly nice touch, credits John Hallum, who looked after Mill Reef when the horse was in training with Ian Balding at Kingsclere, and George Roth, who did the same during his stallion career. Again, I wonder how many other owners would have thought to acknowledge the key people in the horse's life in so permanent a manner. On the other side of the plinth is Mellon's poem from his Gimcrack speech:

Swift as a bird I flew down many a course.
Princes, Lords, Commoners all sang my praise.
In victory or defeat I played my part.
Remember me, all men who love the Horse,
If hearts and spirits flag in after days;
Though small, I gave my all. I gave my heart.

Mellon's legacy to racing has more substance than this delightful whimsy. American by birth, the confirmed Anglophile was a significant benefactor to the British Racing School and Royal Veterinary College and, pleasingly, his English racing colours live on through the Kingsclere Racing Club thanks to him having bequeathed them to Ian Balding. So too does the story of Mill Reef through Lord Oaksey's wonderful book and the Albert Finney-narrated film Something to Brighten the Morning. 

Racing and breeding have changed, in some ways for the better, in some ways not. While interviewing Peter Kavanagh of Kildaragh Stud recently this was brought to mind again, as he rued the demise of the owner-breeder. 

Things are different now, and people breed horses differently, too, with much more of a commercial imperative. This is not a bad thing per se, but one can't help but wonder if we are losing some of that pure love for the horse – call it sentimentality if you like – as well as a proper understanding of the traits of families in the process. 

A treasured possession in our house is a collection of four leather-bound scrapbooks compiled by Sir Victor Sassoon and detailing every mention of his Guineas and Derby winner Crepello in newsprint. For obvious reasons, scrapbooking is a dying art, except at Heath House, where, during Christmas week, Sir Mark Prescott will have faithfully consigned his favourite clippings of the year to a new book.

So much is lost, too, in our digital life, as convenient and environmentally friendly though it undoubtedly is. Sure, we can look up most things online (and of course TDN has a handy daily archive stretching back years) to see the results and ratings, and watch the replays over and over. But there is something rather thrilling about being able to read in yellowing, faded newspaper clippings just what Peter Willett or Roger Mortimer or John Hislop or Dare Wigan thought of Crepello at the time, all adding their own informed takes on his pedigree. All that would have been lost to this reader without those scrapbooks.

Hislop, later the owner-breeder of Mill Reef's nemesis Brigadier Gerard, said in the Sporting Life of June 11, 1957, “At no time has our bloodstock been in greater need of a boost, and Crepello's pedigree holds out every hope of his proving a classic sire in the old tradition.” Maybe things haven't changed that much at all.

The two best horses we saw on the racecourse in 2023 are now both safely ensconced in stallion barns: Equinox (Jpn) at Shadai Stallion Station and Ace Impact (Ire) at Haras de Beaumont. We've heard plenty of late about how Japan is running rings around the rest of the breeding world when it comes to producing top horses, but another way in which the country is a global leader for the sport is in its fan engagement.

When speaking to Japanese journalist and broadcaster Naohiro Goda at Tattersalls just after Equinox's retirement from racing had been announced, he mentioned a JRA-planned retirement ceremony, which took place the week before Christmas at Nakayama. “The fans will expect to be able to say goodbye,” he said. Quite right too. 

Let's copy this idea. After all, we had one for Frankie Dettori on Champions' Day and he isn't even retiring. One or two such ceremonies for the truly special horses would be a great way to show our appreciation. Because really, all the sales, the politics, the raceday concerts are just sideshows. Horses in full flight are what draw us all in, whether we are punters, racegoers, breeders, owners, trainers or jockeys: they are the one thing we all have in common.

Though we have this unifying element, even better is that we all love different horses for different reasons, and it's not just the great ones. That, too, when we are breeding Thoroughbreds in their thousands, is an important message that should not go unheard.

Every Christmas we receive a card from a lady who owns one of the former residents of our yard. He's 22 now and he wasn't much cop as a racehorse but he has brought years of fun to his rider on the hunting field in Devon. He's one of many now well into their twenties and proving hugely useful in different spheres.

From a personal perspective, one of the only occasions to have brought proper joy following the death of my father in February was our horse Dereham winning at Newmarket for the second season in a row. It was an inconsequential race in the grand scheme, but to win at our home track with a homebred was special. I don't think the Jockey Club will be planning a retirement ceremony for him, but I might start to lobby for one if he wins that same race for a third time in 2024.

Dereham is plainly no Mill Reef, but he is small, he gives his all and, as horses do for so many of us who love this sport, he has kept me going when spirits have flagged. 

The cyclical nature of racing is such that, no sooner have we rued the retirements than we are looking forward to the next big thing. I am hoping that Big Rock and Auguste Rodin continue to be big things and, as every year, continue to hope for a Triple Crown winner. So come on City Of Troy, let's be having you.

Before that, however, I would like to thank you for reading TDN and wish you a happy, successful and peaceful new year.

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Equinox, who also stood atop of the Leading Male 3yo/up category, also garnered the Champion Of The Rest Of The World award, ahead of Golden Sixty (Aus) (Medaglia d'Oro), who equalled his highest ever rating (129) with a score in this month's G1 Hong Kong Mile, and GI Breeders' Cup Dirt Mile winner Cody's Wish (Curlin) (129), who finished as joint runners up.

Leading the fray in other divisions:

• G1 Dewhurst S. victor City Of Troy (Justify) earned a 125 rating thus securing the Leading 2YO award.
• Ace Impact (133) was crowned Champion Of Europe ahead of Westover (GB) (Frankel {GB}) (131) and Hukum (Ire) (Sea The Stars {Ire}) (130)
• Emily Upjohn (GB) (Sea The Stars {Ire}) (126) led her John and Thady Gosden-trained stablemate Inspiral (GB) (Frankel {GB}) (125) in the Female 3yo+ Category

Timeform's Leading First-season Sire of 2023–based on an average Timeform master rating of a sire's top 10 progeny in Britain and Ireland–was Too Darn Hot (GB) Dubawi {Ire}) (99), who claimed top honours ahead of Blue Point (Ire) Shamardal) (96) in second place, while Calyx (GB) (Kingman {GB}) and Ten Sovereigns (Ire) (No Nay Never) tied for third place (93).

The race of 2023 was determined based on an average Timeform master rating of the first three horses. Longchamp's Arc came out on top with the first three finishers–Ace Impact, Westover and Onesto (Ire) (Frankel {GB})–earning the race an average rating of 130, 1 lb higher than Kyoto's G1 Tenno Sho (Autumn) and the G1 Dubai Sheema Classic, which finished joint-second.

For the complete results of the Timeform Awards, click here.

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Championship races are not meant to be processions. Even legendary horses aren't supposed to be so superior to their contemporaries. While others bobbed and heaved with effort, Equinox arrived at the front in his races on the bridle, with Lemaire perched as if for a portrait painter. Then he would slip into a groove of precise, majestic speed, and kill the race.

Superiority on the scale Equinox displayed it contradicts everything we think about how competitive elite breeding and racing are. A Japan Cup or Dubai Sheema Classic is hard enough to win by half a length. But his wins in those races were outlandish.

Equinox's final outing before he was retired to stud bore a distinctly Japanese flavour: 85,000 spectators in Tokyo, a rolling surf of noise from the gate to the line, the local rituals of reverence and respect. But it would be wrong to call him merely Big in Japan. The safest measure of his status as the world's best racehorse was on the one occasion he left his country – then left everything else in the Sheema Classic for dead.

If you could take one Equinox victory to a desert island it would surely be the one in Dubai, which had the racecourse commentator calling him “the titan of the world's Turf.” The Sheema Classic was the highest expression of his brilliance. It added global fame to his notoriety in Japan and lustre to his stallion career in a country quietly building a bloodstock empire.

In Cheltenham Festival season, in March, the TV screen lit up with a performance of astonishing beauty. The Meydan replays never lose their power. On the turn into the stretch we see Equinox up the ante, and Mostahdaf, who has him in his sights, starts to run through tar. While he bobs and heaves under his jockey's urgings, Equinox merely organises himself into a smooth surge that takes him away from a top-class field.

The kind of horse that makes you want to tell non-racing
friends – stop what you're doing, and just watch this.

When a genius comes along in other sports we say they are playing a different game to everyone else. Equinox ran in different races – his own – much as Constitution Hill does in National Hunt racing. In the Sheema Classic, Lemaire merely nudges him down the reins into his full imperious velocity. Every sheikh in the house must have winced with envy.

Discarded in his wake that night were the subsequent Arc runner-up Westover, the Grosser Preis von Baden winner Zagrey and of course Mostahdaf, who won the Prince of Wales's Stakes and Juddmonte International. From that moment Equinox's admirers (and his owners) were on safe ground. Yes, the desire took hold to see him tackle the Prix de l'Arc de Triomphe, and confront Ace Impact; but that became a dream match-up only after Ace Impact had won so impressively, not before.

Nobody dodged Equinox on his final appearance. For a moment the doomed optimism of the 2022 Dubai Turf winner Panthalassa in blasting 10 lengths clear at the final turn made the race look like a test for Japan's champion. Nor was he alone in possessing a top-class cv. The Japanese fillies' Triple Crown winner Liberty Island made the first move on Panthalassa but Equinox swept past her as if she were a pensioner hurrying for a bus.

Even Lemaire was taken aback – hence the shake of the head as they pulled up. “When we got into the final straight, the horse just reacted to the point that even I was surprised,” he said. “His acceleration was incredible. He's truly a super horse, smart, powerful and gentle, like a pony.”

That nobility shines through. His dark bay coat and white blaze are other distinguishing features, along with his work ethic, his eagerness to quicken. It's this desire that most fascinates me about the best horses. They want to do it – though Equinox 'did it' so easily he left you bemused by the apparent lack of exertion.

Now his owners have decided he's exerted himself enough and will join his sire Kitasan Black at Shadai Stallion Station. It's our loss, but he is four years old, and has won six top races in a row.

Boxing reporters used to like tracking down the first or last fighter to beat a great champion, because the search often led to a nightclub doorman or shelf stacker. Do Deuce has the distinction of being the last horse to beat Equinox, in the 2022 Tokyo Yushun (Japanese Derby). Since then Do Deuce has finished 19^th in the Arc (42 lengths behind Alpinista) and eight and a half and five and three quarter lengths behind Equinox in the Tenno Shun (Autumn) and Japan Cup respectively (his record since his neck win over Equinox is one victory in five).

Do Deuce was merely good. Equinox turned out to be supernatural: not only big in Japan but monstrous in Meydan: the kind of horse that makes you want to tell non-racing friends – stop what you're doing, and just watch this.

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Luxembourg (Ire) (Camelot {GB}) who was second as the favourite in the 10-furlong contest, sits on 123 while Adayar (Ire) (Frankel {GB}) was third home and is weighted on 120.

Following his decisive victory in the G1 St James's Palace S. at Royal Ascot, three-time Group 1 winner Paddington (GB) (Siyouni {Fr}) is up to 125 for his defeat of the classy Emily Upjohn (GB) (Sea The Stars {Ire}) (121), the top-rated female in the world, in the G1 Coral Eclipse S. July 8. Paddington joins Golden Sixty (Aus) (Medaglia d'Oro) and Lucky Sweynesse (NZ) (Sweynesse {Aus}), who will fight out Hong Kong Horse of the Year honours, to be announced Friday. Triple Time (Ire) (Frankel {GB}) led home a 1-2 finish for his sire in the G1 Queen Anne S. to open the Royal Meeting and is rated on 121.

A pair of American gallopers are also on the rise after victories on the Belmont S. undercard last month. Cody's Wish (Curlin) improved from 119 to 122 after an impressive win in the GI Hill 'n' Dale Metropolitan H. and is rated joint-best dirt horse in the world with G1 Dubai World Cup hero Ushba Tesoro (Jpn) (Orfevre {Jpn}). Up To The Mark (Not This Time) cemented his status as America's pre-eminent turf horse with an easy tally in the GI Resorts World Casino Manhattan S., for which he was awarded a rating of 121, bettering his effort in the GI Old Forester Bourbon Turf Classic by one pound.

The next edition of the Longines WBRR will be published on Aug. 10.

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Drawn neatly in gate five in a race that has not been kind to favourites of late, the 1.30 (3-10) chalk secured a midfield position passing the stands for the first time, but drifted back through the pack as 2011 runner-up Unicorn Lion (Ire) (No Nay Never) and the 3-year-old Dura Erede (Jpn) (Duramente {Jpn}) set off at a brisk gallop that saw the opening four furlongs traversed in :46.6.

In the company of Geraldina and Through Seven Seas at the tail of the field as they reached the halfway point, Equinox was still ridden quietly by Christophe Lemaire and they raced with cover before steering out at the 600-metre pole. Happy to sacrifice that considerable ground loss for an uncheckered passage, Equinox was some nine or 10 wide off the final corner, but steamed down the centre of the course–the best ground on the afternoon–and went on to win cosily. Through Seven Seas did not have the luxury of clear sailing and was strung up in traffic at a crucial stage before rattling home to put at least a small scare into those that backed Equinox. Distant second betting choice Justin Palace, backing up significantly in trip after winning the G1 Tenno Sho over two miles last time, predictably kept on well for third.

Sunday's tactics were dramatically different from those used in Dubai three months ago, when they chose to lead with Equinox and he glided effortlessly away. In the end, Lemaire was happy to play the hand he was dealt.

“Though we were unable get a good position toward the front due to the fast pace at the beginning, the horse was relaxed in the rear and I wasn't worried at all,” Lemaire said. As the inner track condition was not so good, we made [our] bid from the outside early and turned wide to the straight where he stretched really well. Hanshin's inner course is tricky and the Takarazuka Kinen is a difficult race to win even for champion horses, so I'm very happy that I was able to win the race with the No. 1 horse in the World's Best Racehorse Rankings. I realized again how strong he is. I hope to win more big races with him in autumn.”

The victory earned Equinox a fees-paid berth into the GI Breeders' Cup Turf in November and also a spot in the G1 Cox Plate, though big-money events at home including the G1 Tenno Sho (Autumn), G1 Japan Cup and G1 Arima Kinen will naturally be strongly considered. Equinox skipped last year's Japan Cup, but was victorious in the other two races en route to being named Horse of the Year.

Pedigree Notes:

On behalf of Shadai Farm, bloodstock agent Patrick Barbe went to $410,000 to acquire Equinox's fourth dam, Blanche Reine (Fr) (Nureyev) in foal to Alleged at the 1988 Keeneland November Sale and the resulting produce was Maison Blanche, a stakes-placed earner of better than $931,000 for Kazuko Yoshida whose half-brother Balleroy (Kaldoun {Fr}) won the G3 Prix de Guiche and was second in the G1 Prix Jean Prat in 1991. The family remained fairly quiet until Maison Blanche's foal of 2010, Chateau Blanche, did her part to enhance the page, carrying theses same Silk Racing colours when defeating the top-class Marialite (Jpn) (Deep Impact {Jpn}) in Group 3 company in 2015.

Chateau Blanche is the dam of three winners from three to the races, a number that also includes Group 3 winner Weiss Meteor (Jpn) (King Kamehameha {Jpn}). She is also the dam of the 2-year-old filly Garza Blanca (Jpn) (Kizuna {Jpn}) and foaled a full-sister to Equinox Feb. 26.

Sunday, Hanshin, Japan
TAKARAZUKA KINEN-G1, ¥423,280,000, Hanshin, 6-25, 3yo/up, 2200mT, 2:11.20, gd/fm.
1–EQUINOX (JPN), 128, c, 4, by Kitasan Black (Jpn)
1st Dam: Chateau Blanche (Jpn), by King Halo (Jpn)
2nd Dam: Blancherie (Jpn), by Tony Bin (Ire)
3rd Dam: Maison Blanche (Jpn), by Alleged
O-Silk Racing; B-Northern Farm; T-Tetsuya Kimura; J-Christophe Lemaire; ¥223,696,000. Lifetime Record: Horse of the Year & Ch. 3yo Colt-Jpn, G1SW-UAE, 8-6-2-0, $11,072,697. Werk Nick Rating: A+++ *Triple Plus*. Click for the eNicks report & 5-cross pedigree. Click for the free Equineline.com catalog-style pedigree.
2–Through Seven Seas (Jpn), 123, m, 5, Dream Journey (Jpn)–Mighty Slew (Jpn), by Kurofune. O-Carrot Farm; B-Northern Farm; ¥89,056,000.
3–Justin Palace (Jpn), 128, c, 4, Deep Impact (Jpn)–Palace Rumor, by Royal Anthem. (¥190,000,000 Ylg '20 JRHAJUL). O-Masahiro Miki; B-Northern Farm; ¥55,528,000.
Margins: NK, 1, HD. Odds: 0.30, 54.70, 7.50.
Also Ran: Geraldina (Jpn), Deep Bond (Jpn), Pradaria (Jpn), Boccherini (Jpn), Vela Azul (Jpn), Geoglyph (Jpn), Dura Erede (Jpn), Ask Victor More (Jpn), Breakup (Jpn), Danon the Kid (Jpn), Mozu Bello (Jpn), Unicorn Lion (Ire), Karate (Jpn), Lilac (Jpn). Click for the JRA chart.

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The flashy 4-year-old is the 1.30 (3-10) mortal early doors, but the 2200-metre test has not exactly been kind to favoured runners over the last decade, with only Gold Ship (Jpn) in 2014–before finishing last but one at skinny odds after playing up in the stalls in search of three straight the following year–and Chrono Genesis (Jpn) in 2021 saluting. That said, the race is clearly Equinox's to lose. Second in the G1 Satsuki Sho and G1 Tokyo Yushun last term, he ran down the enterprisingly ridden Panthalassa (Jpn) (Lord Kanaloa {Jpn}) in the G1 Tenno Sho (Autumn) and stamped his authority on the G1 Arima Kinen to wrap up Horse of the Year honours. Leaving nothing to chance at Meydan, Equinox was put on the lead by Christophe Lemaire and when asked to stretch ever so slightly in the straight, opened up at will for a breathtaking 3 1/2-length victory over G1 Irish Derby hero Westover (GB) (Frankel {GB}).

“[Christophe Lemaire] has been working him and the horse looks good going into the race,” said trainer Tetsuya Kimura. “He was in good condition for last year's Arima Kinen, and he's about the same as that now. It did take him some time to recover from his trip to Dubai. As he develops though, he's showing a lot more power, and that should help him prove himself here.”

Justin Palace (Jpn) (Deep Impact {Jpn}) was also Classic-placed last season, having finished a very good third behind Ask Victor More (Jpn) (Deep Impact {Jpn}) in the G1 Kikuka Sho (Japanese St Leger) over 3000 metres. Only seventh in the Arima Kinen, he is perfect in his two runs in 2023, including a 2 1/2-length defeat of the reliable Deep Bond (Jpn) (Kizuna {Jpn}) in the G1 Tenno Sho (Spring) going two miles Apr. 30. Justin Palace cuts back a full five furlongs in trip Sunday, but his connections are nevertheless bullish on his chances.

“His responses and times have been good in training, and he looks better than I had imagined,” said trainer Haruki Sugiyama. “It seems like he's developed more even since his last race and he's well-balanced now, so I hope he can show even more this time.”

Geraldina (Jpn) (Maurice {Jpn}), whose Horse of the Year dam Gentildonna (Jpn) (Deep Impact {Jpn}) was third at 7-5 in 2013, is already a Group 1 winner over Sunday's 2200-metre trip, having bested her peers in the Queen Elizabeth II Commemorative Cup last November before running home nicely to be third in the Arima Kinen. She'll need to improve on sixth-place efforts in the G1 Osaka Hai and G1 FWD QE II Cup in Hong Kong. The female set is also represented by Carrot Farm's Through Seven Seas (Jpn) (Dream Journey {Jpn}), last-start winner of the G3 Nakayama Himba S. who holds entries for the G1 Irish Champion S. and G1 Prix de l'Arc de Triomphe.

Vela Azul (Jpn) (Eishin Flash {Jpn}) was the recipient of a brilliant and audacious ride from Ryan Moore to touch off Shahryar (Jpn) (Deep Impact {Jpn}) in last year's G1 Japan Cup, but he never threatened when 10th in the Arima Kinen. The registered black entire returns to the turf following a distant 13th to compatriot Ushba Tesoro (Jpn) (Orfevre {Jpn}) in the G1 Dubai World Cup Mar. 25.

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On the strength of his mesmerising front-running victory in the G1 Longines Dubai Sheema Classic at Meydan Mar. 25, Silk Racing's Equinox (Jpn) (Kitasan Black {Jpn}) has been assigned a rating of 129, four points clear of dual Hong Kong Horse of the Year Golden Sixty (Aus) (Medaglia d'Oro) and five better than his compatriot Titleholder (Jpn) (Duramente {Jpn}), who made a splashy return to the races of his own with an eight-length demolition of the G2 Nikkei Sho hours before Equinox's effort in Dubai. The G1 Takarazuka Kinen in June could bring together the two Japanese rivals, while Golden Sixty is ticketed for the G1 FWD Champions Mile at Sha Tin Apr. 30.

Ushba Tesoro (Jpn) (Orfevre {Jpn}) capped a Japanese three-timer at Meydan with a late-running defeat of Algiers (Ire) (Shamardal, 118) in the G1 Dubai World Cup and is rated the best dirt horse in the world on 122, sharing that spot with Hong Kong's California Spangle (Ire) (Starspangledbanner {Aus}) and recent G1 Queen Elizabeth S. victor Dubai Honour (Ire) (Pride of Dubai {Aus}), each of whom is also set to appear on Champions Day at Sha Tin in a bit more than two weeks.

Lucky Sweynesse (NZ) (Sweynesse {Aus}) defeated California Spangle in the G1 Queen's Silver Jubilee Cup last month and is a joint-fourth in the WBRR alongside fellow Hong Konger Romantic Warrior (Ire) (Acclamation {GB}) on a rating of 123. Both runners also have Champions Day engagements.

The Peter Moody-trained I Wish I Win (NZ) (Savabeel {Aus}) is the top Australian-based runner in the WBRR, having been given a rating of 121 and honours as the world's top-rated turf sprinter for his victory in the G1 T J Smith S. over heavy Randwick turf Apr. 1. The 4-year-old is one point clear of nine-time Group 1 winner Anamoe (Aus) (Street Boss).

Art Collector (Bernardini) remains America's top-rated horse on 121 for his GI Pegasus World Cup Invitational S. heroics and is just ahead of Eclipse Award-winning sprinter Elite Power (Curlin), who sits on 120 for his victory earlier this season in the G3 Riyadh Dirt Sprint.

#throwbackThursday to THAT win by EQUINOX in the G1 Longines Dubai Sheema Classic. #DWC23 pic.twitter.com/AWrDmiDxju

— Dubai Racing Club (@RacingDubai) April 13, 2023

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There are so many lessons in Japan's accession as a dominant influence on the 21st Century Thoroughbred, a trend that even the most obtuse and parochial of us cannot fail to observe, that it's difficult to know where to start.

When, for instance, will those industries clinging to a historic presumption of superiority–either side of the Atlantic–acknowledge what's happening sufficiently to reverse the traffic and start importing Japanese racehorses to stand on their own farms? Not for a while yet, you suspect, given that you would need to be confident of commercial demand to make the necessary investment viable. And for now it seems an adequate challenge to get traction even for those few representatives of Japanese bloodlines to have at least showcased their wares before a domestic audience.

But it's not as though this latest tour de force–featuring winners of the biggest prize on both surfaces at Meydan, as well as the first four in the G2 UAE Derby–was founded simply in stallion trade. The Japanese have certainly embraced many sires renounced as uncommercial by breeders in Kentucky and Europe. But that investment has been consistent with a holistic strategy, embracing the right mares, the right land, the right horsemanship.

Obviously the Japanese have enjoyed advantages, in terms of colossal gambling and government engagement. But all these unmissable moments of vindication, as in Riyadh last month or at the 2021 Breeders' Cup, have completed patient years of groundwork, during which Japan was sometimes viewed as a convenient, nearly gullible receptacle for the cashing out of unwanted genetic goods.

As commercial breeding elsewhere has become ever more focused on the sales ring, the Japanese meanwhile persevered with a longer game. Selection was predicated on the kind of assets, like stamina and durability, that are treated with something between dread and derision in other markets. But now we see the results.

Certainly nobody can remain deceived that this has all happened because of a single, game-changing roll of the dice on Sunday Silence. And if Japan did not get here overnight, nor can those industries now being challenged expect to retrieve the situation other than by patient increments.

Let's take G1 Dubai World Cup winner Ushba Tesoro (Jpn) as a snapshot. He is, admittedly, by a grandson of Sunday Silence. But the dam of Orfevre (Jpn) is by a sire, Mejiro McQueen (Jpn), who not only represents the fourth generation of a sire-line transplanted by the arrival from Europe of Partholon (Ire) in 1963, but also extends an indigenous maternal line through eight generations of Japanese mares to one foaled as long ago as 1909.

Partholon, by the way, ended up as Japan's champion sire on three occasions, having won the Ebor H. at York, over 14 furlongs as a 3-year-old. The die was cast. Because if we're going to give due credit to the bottom line, then here's a question that I should like to ask any American breeder mating a mare this spring.

Say the resulting foal becomes champion sophomore or maybe, instead, he could win the second richest race on the planet. Either would sound pretty good, right? Well, what do the last two horses to reach this pinnacle of dirt racing, Epicenter (Not This Time) and Ushba Tesoro, have in common?

The answer is that the third dam of both is a daughter of Ela-Mana-Mou (Ire), one of the most redoubtable stamina influences in the recent history of European grass racing. Ela-Mana-Mou's two best-known sons were Double Trigger (Ire), who swept the Cup races in Britain including the G1 Ascot Gold Cup at 20 furlongs, and Snurge (Ire), whose Classic success came over 14 in the G1 St Leger.

Now, I'm not suggesting for a moment that this single, attenuating strand specifically accounts for the excellence of Epicenter and Ushba Tesoro over two turns of dirt. But what I do believe is that this forgotten horse–virtually unknown in Kentucky, presumably, beyond its substantial community of emigre horsemen of a certain age–is typical of the overall “branding” today enabling Japanese runners to carry their speed so unanswerably.

Look at Panthalassa (Jpn) (Lord Kanaloa {Jpn}), who switched from turf to win the world's richest prize in Riyadh last month. Hardly anything in his pedigree indicated a likely proficiency on dirt, but it is saturated (sprinting sire notwithstanding) with toughness and stamina. His first two dams are by Montjeu (Ire) and High Estate (Ire). One has had a record impact at Epsom, the other was by a Derby winner and sired one himself. The next dam was admittedly by a sprinter, but out of a mare by another undiluted source of staying power in dual Arc winner Alleged.

This kind of thing is not confined to the Japanese, of course. The World Cup runner-up Algiers (Ire) (Shamardal) admittedly represents a versatile sire-line, but there are deep wells of stamina in his pedigree. His dam is by Platini (Ger) (Sumuru {Ger}), a horse that once outstayed even Ela-Mana-Mou's son Snurge. (And Shamardal himself requires us to reflect how his dam's half-brother Street Cry {Ire} became a Classic influence on dirt, as they are out of an G1 Irish Oaks (12f) winner by the ardent stayer Troy {GB}).

Certainly Ushba Tesoro himself is laden with staying influences. His sire Orfevre is a Japanese St Leger winner (15f) by Stay Gold–another son of Sunday Silence who majored in soundness (still showing top-class form at seven) and stamina (stayed two miles). And his dam is by King Kamehameha (Jpn), whose fertility as a source of brilliance was hardly impaired by his Classic success over 12 furlongs. She was out of one of the more accomplished runners (couple of graded stakes wins on turf after export to Bobby Frankel) by Septieme Ciel, a generally disappointing stallion by Seattle Slew. Ela-Mana-Mou then enters the picture as a mate for a daughter of the imported Argentinian sire Pronto (Arg).

We should not be surprised, then, if the Ela-Mana-Mou mare who features as Epicenter's third dam should be out of a daughter of Busted (GB), whose two best sons Bustino (GB) and Mtoto (GB) both sired winners of the G1 Ascot Gold Cup over 2 1/2 miles. (Nor, if anyone is inclined to complacency in a commercial industry that can produce Flightline, should we neglect that the champion's second dam is by Roberto's son Dynaformer, while his sire's granddam is by Nijinsky).

More predictably, perhaps, similar motifs occur just as prominently behind Equinox, sensational winner of the G1 Dubai Sheema Classic. His sire Kitasan Black (Jpn), a grandson of Sunday Silence, twice won a Grade 1 over two miles; while his damsire King Halo (Jpn) (out of a mare by Sunday Silence's sire Halo) is by Dancing Brave, one of the all-time European greats yet soon written off to Japan as a stallion. Equinox's granddam is herself by a rejected Arc winner in Tony Bin (Ire), while the next dam is by a dual winner of the race in Alleged.

We just found Alleged, remember, lurking behind Panthalassa as well. And while his own background–by Hoist The Flag/inbred 3×4 to War Admiral–may take us into the mists of time, it also takes us right to the crux of the matter. Because dirt racing is about carrying speed, and that is itself a form of stamina.

Interestingly Tony Bin also provides the second dam of UAE Derby winner Derma Sotogake, who must be getting his stamina from the bottom side as a son of the imported American sprinter Mind Your Biscuits. Derma Sotogake's damsire is Sunday Silence's son Neo Universe, a Japanese Derby winner beaten a length in the 15-furlong St Leger. The way he destroyed his pursuers last Saturday permits no doubt that Derma Sotogake has the maternal wherewithal to carry his sire's speed and–setting aside last year's farcical tactics from the two UAE Derby graduates–nobody should be complacent that the GI Kentucky Derby itself can be secure from Japan's expanding hegemony.

Evidently there is no guarantee that Equinox will be given the chance to slake a rather longer thirst in the Arc, which is a pity given the Longchamp winners seeding his family, not to mention the fact that his own sire contributed two of Japan's serial near-misses in the race.

But just imagine what would happen if the Japanese suddenly felt sorry for the industries they compete with, and donated Equinox to Kentucky or Britain. Would the commercial breeders of the Bluegrass, anxious to catch the eye of an Ocala pinhooker, come flocking? With his background, I doubt it. What, equally, would Nathaniel (Ire) tell Equinox about the kind of harem a proven Classic influence can expect in Britain? (That's the same Nathaniel who added the latest Epsom Derby winner to a resume already including Enable (GB), yet is still only charging £15,000 and increasingly relying on jumps mares).

And there's your answer, really. If we want to recover the ground lost to Japan, then we need to understand just what these rampant Japanese racehorses are digging into: seam after seam of soundness and stamina. Of course they need brilliance too. That's where the whole skill of breeding comes in, maintaining that cutting edge of speed. Yet one after another of these horses have been sired, not by recent imports, but by horses that have been developed in the Japanese program, many of them holding their form year after year, generally on turf and over what many would consider appalling distances.

Yes, we must reiterate the shrewd selection of mare imports over the years. The $750,000 paid for Ushba Tesoro's granddam, for instance, doubtless owed little to her sire Septieme Ciel and rather more to the fact that had managed to add more black-type to the famous Claiborne clan of her fourth dam Bourtai.

But what kind of reception, honestly, would Deep Impact (Jpn) himself have had in Lexington, as a winner over two miles? American breeders didn't want his sire, but did they ever learn that lesson?

At least commercial breeding in Kentucky still aspires to a second turn on the first Saturday in May. But while I'm always recommending dirt sires as a way–and a proven way–to transfer a speed-carrying capacity to European Classic racing, the Japanese are meanwhile reminding us that the reverse also applies: that there's nothing like grass stamina to help keep up the gallop on dirt.

As I acknowledged at the outset, it would be commercially difficult to export an elite runner from Japan to stand in Europe or America. But now that they are taking their excellence onto a global stage, perhaps that kind of gamble may gradually start to inch a little closer.

In the meantime, only a few horses have had the chance to introduce Japanese blood to domestic racing theaters elsewhere. Unsurprisingly, the most promising experiment to date is the work of John Magnier and his partners in Coolmore, who outcrossed one of their many top-class daughters of Galileo (Ire) to Deep Impact (Jpn) and produced Classic winner Saxon Warrior (Ire)–whose debut crop includes GI Breeders' Cup Juvenile Turf scorer Victoria Road (Ire). Saxon Warrior's fee this spring is up to €35,000 from €20,000, and the same operation is now hoping to repeat the process with Auguste Rodin (Ire) (Deep Impact {Jpn}). The strong favorite for the Epsom Derby is similarly out of a high-class Galileo (Ire) mare, and actually won the same juvenile Group 1 as Saxon Warrior last fall.

Not many people, however, have either the resources or the imagination to emulate this kind of thing. As things stand, a Japanese sire-line entered the North American general sires' list in 2022 only at No. 92 through Silent Name (Jpn), who offers Ontario a direct conduit to Sunday Silence. And we do also have Yoshida (Jpn), a grandson of Sunday Silence, about to launch his first juveniles. His Grade I wins on both turf and dirt were due reward for the rare enterprise shown by WinStar in importing a Japanese yearling to race in the U.S.

Sunday Silence's son Hat Trick (Jpn) was a noble earlier experiment, and Gainesway bought into the project after he pulled Group 1-winning juvenile Dabirsim (Fr) out of his hat as a freshman. (The same farm, to its credit, evidently also liked the fact that Karakontie (Jpn) is out of a Sunday Silence mare.)

Unfortunately Hat Trick dwindled to 19 mares at $5,000 in his final spring in Kentucky, before ending his days in Brazil. Dabirsim did meanwhile produce Royal Ascot winner Different League (Fr), an €8,000 weanling who advanced her value two years later to 1,500,000gns. That sum, incidentally, was ventured by another far-sighted Coolmore partnership, co-signed by M.V. Magnier and White Birch Farm.

Obviously it was always unlikely that such rare samples of Japanese blood should happen to prove as potent as the best of their gene pool. But who knows? Perhaps we will gradually learn a little humility. Perhaps we can admit to ourselves that, where Japan has strengthened over the past couple of generations, is precisely where we have allowed things to slide.

As always, there's an ultimate consolation to the way this business functions. But eventually the people with the daring and the imagination to take a harder path, and heeding Japan's example, will be waiting for your horse on the racetrack.

We're all being taught a pretty deafening lesson here. That doesn't mean many people are necessarily going to pay attention, even if the Japanese now plunder the Kentucky Derby itself. But it'll be pretty obvious, in a few years' time, just who was listening, and taking notes, before going away to complete their homework.

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