According to Bloomberg Brief, Bass launched the Japan Macro Opportunities Master Fund in July and is still accepting investors who agree with him that the country has some debt and demographic issues.
Bass had an interest in Japan before the country's biggest earthquake struck on March 11 because of its "fundamentally unsustainable" fiscal and monetary policy and demographic challenges including an aging population, according to a presentation to investors...Bass is positioning the fund for an increase in 5-, 10- and 30-year Japanese interest rates and the yen's decline agains the US dollar, the presentation said. Japan won't be able to fund its deficits domestically and will be forced to borrow international capital at high interest rates, according to the presentation. [The fund's] assets are $101 million. The minimum investment is $250,000. The fund charges a management fee of 1.25% of assets and a performance fee of 20 percent of profits, paid after capital is returned to investors. It has a three-year investment horizon during which investments are locked up.
Update: Apparently the Japan fund had its final closing two weeks ago. You snooze you loose!