Shares of Japan beer makers fall after raids over cartel suspicion
Asahi’s new super dry draft canned beers are seen at a convenience store in Seoul, South Korea, May 12, 2023. REUTERS/Minwoo Park
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TOKYO, Oct 7 : Shares of major Japanese beer makers fell nearly 4 per cent on Wednesday after Japan’s Fair Trade Commission said it raided the country’s four major beer makers on suspicion of collusion in sales of beer and other products to wholesalers.
The beer divisions of Kirin Holdings Co, Asahi Group Holdings, unlisted Suntory Holdings as well as Sapporo Breweries, which together control more than 90 per cent of Japan’s domestic beer market, are suspected of coordinating prices over several years.
Public broadcaster NHK said the Fair Trade Commission was probing whether the companies formed a cartel when they raised prices in April last year and October 2022, citing factors including rising raw material costs.
The anti-trust watchdog is expected to continue its investigation and could file a criminal complaint, a source familiar with the matter said, declining to be named because the person was not authorised to talk to the press. The Commission declined to elaborate on the investigation.
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Shares in Sapporo fell as much as 3.73 per cent, while Kirin briefly shed a little over 3 per cent to hit its lowest level in more than three months. Asahi dropped nearly 2.5 per cent before recouping some losses.
In statements, the four beer makers separately confirmed the raids and said they intend to cooperate with the investigation.
The Fair Trade Commission has carried out similar probes into well-known Japanese companies in recent months. In June, it raided six Japanese ice-cream makers, including Morinaga Milk Industry and Meiji Holdings, over allegations of operating a cartel.
Source: Reuters
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