Japan beer giants raided over alleged price-fixing cartel

Japanese officials have raided the country’s biggest beer makers over allegations they worked together to raise the price of their beverages.

Asahi, Kirin and Suntory Spirits confirmed to the The Mediatheir premises had been searched by the Japan Fair Trade Commission, adding that they would fully cooperate with the administrationauthority.

There are reports Sapporo Breweries was also raided. The firm has been contacted for comment.

Asahi, Kirin and Sapporo all saw their share price fall after news of the investigation broke on Wednesday. Suntory is not publicly-listed.

According to the Japan Times, the investigation centres on the companies raising their ratesin April last year and in October 2022.

All four companies announced increases, citing the rising cost of raw materials as well as other factors such as energy and transportation.

Kirin Holdings statedits subsidiary, Kirin Brewery Company, was searched “on suspicion of a violation of the Antimonopoly Act”.

It statedit takes the matter “very seriously”, adding 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 firmwill promptly disclose any material developments as they arise.”

A spokesperson for Suntory confirmed “an on-site inspection” had taken place “in connection with a potential violation of Japan’s Antimonopoly Act relating to domestic alcohol trade practices”.

The firmsaid: “We sincerely apologise for any concern or inconvenience this situation may cause to our customers, enterprisepartners, and other stakeholders. We will cooperate fully with the JFTC’s investigation.”

Asahi Breweries statedit was “subject to investigation by the Japan Fair Trade Commission”. It added: “We will fully cooperate with the commission.”

The Japan Fair Trade Commission has been contacted for comment.