Japan raids ice cream giants over price-fixing allegations
Japan's competition watchdog has raided some of the country's biggest ice cream makers for allegedly forming a cartel to raise the price of their products. Some of the firms, including Meiji and Pocky maker Ezaki Glico, said this week that they have been subject to an "on-site i
Japan's competition watchdog has raided some of the country's biggest ice cream makers for allegedly forming a cartel to raise the price of their products.
Some of the firms, including Meiji and Pocky maker Ezaki Glico, said this week that they have been subject to an "on-site inspection" by the Japan Fair Trade Commission (JFTC) over suspicions that they fixed the prices of frozen desserts.
The JFTC said it is not releasing a statement regarding the investigation.
The companies are suspected of inflating ice cream prices beyond increases in the cost of raw materials, even as the country faces a hot summer with record high temperatures.
The six firms that were raided on Tuesday were Meiji, Morinaga Milk Industry, Lotte, Morinaga, Ezaki Glico and Akagi Nyugyo.
The firms improperly raised prices of popular desserts "several times by 5-10% over the years", according to Japanese broadcaster NHK, citing anonymous sources.
The brands distribute their products wholesale to supermarkets and convenience stores across Japan.
Morinaga Milk, Glico and Meiji said in separate statements that they would co-operate with the authorities' investigation.
