European Horse of the Year Calandagan (FRA) and race favorite Masquerade Ball were set for a finish down to the wire until Calandagan pulled ahead at the last moment to secure a legendary win in a world record time of 2:20.03 in the G1 Japan Cup.
The first shock of the race occurred immediately, as 10th-favorite Admire Terra dropped jockey Yuga Kawada. He then stayed on the outside for most of the race, gradually overtaking the field. Seiun Hades broke away from the pack early on and had a lead of 8 lengths entering the third corner, but the strategy failed as he faded on the homestretch and finished 12th.
Exiting the fourth corner, Masquerade Ball, 3rd-favorite Danon Decile, and 4th-favorite Calandagan were three-wide in the mid-pack, with Shin Emperor and the fading Sunrise Earth in front of them. The runaway Admire Terra continued to accelerate and ended up in front with 400m to go, with 2nd-favorite Croix du Nord as the actual leader with 300m remaining.
As Croix du Nord took the lead, Masquerade Ball, Danon Decile, and Calandagan each simultaneously made their move on Tokyo's famous long straightaway. With 200m left, Masquerade Ball and Calandagan passed Croix du Nord, with Danon Decile blocked behind them.
Masquerade Ball and Calandagan were nose to nose approaching the post, with runaway Admire Terra completing a picturesque three-wide finish. At the very last second, Calandagan pulled in front by a head to win the Japan Cup. Both horses broke Almond Eye's 2400m turf world record of 2:20.06 set by Almond Eye's 2018 Japan Cup performance. Shortly after they crossed the line, their jockeys Mickael Barzalona and Christophe Lemaire shook hands in a well-deserved show of respect.
Danon Decile rounded out the podium two and a half lengths behind them, while Croix du Nord beat out Justin Palace by a neck for 4th place.
After the race, Masquerade Ball and Danon Decile collided, which caused by Christophe Lemaire and Keita Tosaki to fall. I hope that each were unharmed, and that if they were, that they make swift and complete recoveries.
Calandagan's win ends a 20-year drought of foreign victories in the Japan Cup. Alkaased (ENG) was the previous foreign champion, having won the race in 2005. Calandagan has now won four straight G1 races in a row after coming second in four consecutive G1s before that, and is clearly the best racehorse in the world for 2025. While Calandagan's 2026 rotation is unconfirmed amid rumors of entering the Breeders' Cup Turf, I hope that he returns to defend his hard-won title in next year's Japan Cup.
Earlier this month, the JRA announced a new prize money incentive system for 2026 that means the Japan Cup may become the second-richest turf race in the world for foreign horses that win select international races and then win the Japan Cup. Under the system, Calandagan himself would've been eligible for the bonus prize. With a new foreign champion and increased bonus prize money, perhaps the Japan Cup will become an attractive race for the world's best horses once again.
This is my new personal favorite horse race, and I grinned ear-to-ear as I wrote this article. From the immediate shock of Admire Terra dropping Yuga Kawada all the way to Calandagan pulling away at the last moment, I never knew what was going to happen next in this race. If you haven't already, I strongly encourage you to watch the race yourself. It's too soon to say how highly this will rate among Japan's greatest-ever races, but I'm certain it will one day be considered legendary.
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