Japanese filmmakers should draw on their own martial arts traditions instead of copying kung fu movies, Hong Kong actor and director Stephen Chow once told K2 Pictures founder Kii Muneyuki. Recounting the conversation at Taiwan Creative Content Fest in Taipei on Saturday, November 7, Kii said he agreed with Chow’s view that karate, judo, jujitsu and kendo offer distinctive foundations for Japanese action films.
Kii, who said he had met Chow for drinks several times in Tokyo, cited Netflix’s sumo drama “Sanctuary” as an example of storytelling rooted in Japan’s culture. He also discussed the financing and international ambitions of K2 Pictures, whose K2P Film Fund I backed Kore-eda Hirokazu’s “Look Back.” The fund completed a $33 million equity round in February, but subsequent interest from other companies could lead to its reopening if current investors consent. Kii has yet to decide.
About 30 companies have invested, led by MUFG Bank, Japan’s largest lender. Other participants include Bandai, Dentsu, the government-backed Development Bank of Japan, Tokyu Land and Mori Trust. Kii is the fund’s general partner. Loans being arranged progressively are expected to reach $67 million, bringing planned financing to $100 million for a target of 50 films across seven years.
Joining Kii onstage was director Nagata Koto, whose Fukushima-set noir “The Nuke Crab” was unveiled by K2 at Cannes in May. Still in development, the film is targeting a shoot in 2027. Its story concerns people who benefited financially from money sent from across Japan for radiation cleanup in the Tohoku region. Nagata described the subject as taboo in Japan and said television networks and major studios would not undertake such material. Kii immediately supported the idea when she approached him.
The partners hope the film can succeed in Japan and Eastern Europe, including Poland and Ukraine. Kii believes audiences who experienced the Chernobyl accident might connect with its themes. This reflects K2’s strategy of matching Japan with a particular additional market, which it calls “Japan plus one.” Kii said different countries’ audiences respond to different aspects of Japan. Nagata wants international sales secured early enough to allow overseas and Japanese releases to coincide, and said emotions involving family, friendship, jealousy and love can help audiences connect with unfamiliar circumstances.
K2 was established as an alternative to Japan’s production committee model, which Kii described as focused primarily on domestic audiences and difficult for foreign or outside investors to enter. He said those restrictions also complicated sharing financial returns with creators. K2 calculates profits separately for each film, allocating 70% to investors and 30% to the creative side.
The company completed six films in 2026, including “Look Back,” Kore-eda’s live-action adaptation of Fujimoto Tatsuki’s manga, which competed at Venice. Another is Son Myung-ah’s debut feature “Trophy,” due for release in Korea. Kii wants six or seven releases annually, although he acknowledged the workload is demanding. K2 has also established operations in Taiwan and Korea to distribute its films directly.
Project approvals rest with K2’s six or seven producers, including Kii, with the central consideration being whether expected revenue can justify costs. Kii said pre-sales, streaming agreements and sponsorships can help protect first-time directors from losses that could jeopardize a second feature. He is also discussing legislative change with lawyers, seeking a framework that would allow content to be securitized, similar to provisions available for real estate under Japanese investment trust law.
