Fujisankei Communications Group
The laureates are announced each September; the prize presentation ceremony and related events are held in Tokyo, Japan, each November. The prize presentation ceremony is held in the presence of His Imperial Highness Prince Hitachi, President of the Japan Art Association, at the Meiji Kinenkan in Tokyo. Prince Hitachi presents the prizes to the selected laureates. The prize consists of a gold medal and 15 million Japanese yen, and was created by the Fujisankei Communications Group, which pays the expenses of around $3 million per year.