I was impressed with the standard Kaiyo release, so I'm looking forward to see what the peated variant has to offer. This is my first review of a peated whisky that isn't from Scotland, unless you count the High West Campfire. Should be interesting. Nose: Mild smoke and sea salt with some iodine. Sandalwood. Big orange, with some lemon juice accompanying it. Apple, toffee, honey, and vanilla. Heavy malt and some oak. Not reminiscent of Islay, nor peated Speysiders for that matter, A bit restrained, but it's a good nose. Palate: Medicinal peat, but with very little smoke. Seaweed and ocean spray. Salted caramel, vanilla frosting, toffee, and milk chocolate. Apple, apricot, honeydew, grape, cherry, and pear. Orange, lemon, and grapefruit. Some salted almonds, cashew. Cucumber. Something I'd liken to Arizona Ginseng Honey Tea. Much more complex than the nose suggests. Fruit, citrus, sweet, and nutty notes are all amplified, while the peat is consistent. Very good. Finish: The peat finally manifests as smoky and saline. Some sea salt and iodine, plus campfire smoke. Lemon drops and orange peel. Dark chocolate and raspberry add some sweet and bitter notes. Black pepper, cinnamon, and sandalwood. Moderate length. Solid finish. This is a good one. The nose is a bit muted, but the taste and finish make up for it. Especially on the palate. This is a very interesting whisky. A clear departure from other peated whiskies I've tried previously. The Mizurara Oak influence is clear, so it's reminiscent of the original Kaiyo in that regard; overall, it's pretty unique. So how does it stack up to that baseline Kaiyo expression? Similar quality, maybe even slightly better. But the fact that it costs an extra 50% on top of what I paid for the standard release hurts the value. Factoring all of this, I put this a quarter star below what I had for the original. Still a damn good whisky, and one that I'd recommend for a fan of Japanese whisky, or for someone looking to experience peated whisky in a new light.