Japan beer giants raided over alleged price-fixing cartel
Asahi and Kirin confirmed their premises were searched by Japanese competition authorities.
Japan beer giants raided over alleged price-fixing cartel
Japanese authorities have raided the country’s largest beer makers amid allegations that they coordinated to increase the prices of their drinks.
Asahi and Kirin confirmed to the BBC that their premises were searched by the Japan Fair Trade Commission, and said they would fully cooperate with the government body.
There are reports that Sapporo Breweries and Suntory Spirits were also raided. Both companies have been approached for comment.
After news of the investigation emerged on Wednesday, shares in Asahi, Kirin and Sapporo all fell. Suntory is not publicly listed.
According to the Japan Times, the probe focuses on the companies’ price increases in April last year and in October 2022.
All four firms announced increases, pointing to higher raw material costs and other factors including energy and transportation.
Kirin Holdings said its subsidiary, Kirin Brewery Company, was searched “on suspicion of a violation of the Antimonopoly Act”.
It said it takes the matter “very seriously”, adding that it would “fully cooperate with the Japan Fair Trade Commission's investigation and any requests for cooperation”.
Kirin Holdings said: “At present, the impact of this matter on the company's financial results has not been determined. The company will promptly disclose any material developments as they arise.”
Asahi Breweries said it was “subject to investigation by the Japan Fair Trade Commission regarding a suspected violation of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade”.
It added: “We will fully cooperate with the commission.”