Japan fair trade officials raid six ice cream makers over suspected price fixing

Associated Press··Read original
2▲0 ▼4Impact / 5
Summary · why it matters

Japan's Fair Trade Commission has raided six major ice cream makers on suspicion of price fixing. The companies—Meiji Co., Morinaga Milk Industry Co., Morinaga & Co., Lotte Co., Ezaki Glico Co., and Akagi Nyugo Co.—issued statements confirming the raids and pledging cooperation. Japanese media reported that top managers coordinated over several years to raise ice cream prices by 10 yen, or about 6 U.S. cents, and timed the hikes together. The commission has not commented on the case, but its website includes an example of an ice cream maker refusing to supply retailers that did not accept a suggested price.

Impact on assets 4

Consumer Staples▼
Morinaga & Co., Ltd.
2201
▼ NegativeRegulationrelevance

Raided by Japan FTC over suspected price fixing, faces regulatory action.

Ezaki Glico Co., Ltd.
2206
▼ NegativeRegulationrelevance

Raided by Japan FTC over suspected price fixing, faces regulatory action.

Biotech & Genomic Medicine▼

Off-coverage companies 1

Akagi Nyugyo Co., Ltd.i
Private▼ NegativeRegulationrelevance

Raided by Japan FTC over suspected price fixing, faces regulatory action.