Japan beer giants raided over alleged price-fixing cartel
Summary
Japanese officials searched major beer companies including Asahi and Kirin over claims they worked together to raise beer prices. The companies said they will cooperate with the Japan Fair Trade Commission, which is investigating possible price-fixing.Key Facts
- The Japan Fair Trade Commission raided Asahi, Kirin, and possibly Sapporo and Suntory over suspected price-fixing.
- The companies allegedly raised beer prices in April 2023 and October 2022.
- Price increases were explained by the companies as responses to higher costs for materials, energy, and transportation.
- Kirin said its brewery was searched because of a possible breach of Japan's Antimonopoly Act.
- Asahi and Kirin both said they are cooperating fully with investigators.
- Shares of Asahi, Kirin, and Sapporo dropped after news of the raids.
- Suntory is not listed on the stock market and its share price was unaffected.
- The impact on financial results for these companies is still unknown.
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