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Some 70 pct of firms in Japan planning price hikes, survey

  • June 16, 2022
  • , Jiji Press , 12:01 p.m.
  • English Press

Tokyo, June 16 (Jiji Press)–Companies in Japan with price hike plans between April this year and around June next year, including those that have already implemented such plans, accounted for 68.5 pct of all 1,701 firms surveyed this month by credit research company Teikoku Databank Ltd.

 

With the yen’s weakening helping to accelerate price increases of raw materials and other items companies procure, many surveyed firms said that they decided to raise the prices of their goods or services as the situation has gone beyond the limit of their ability to absorb costs through corporate efforts, according to a survey report released by Teikoku Databank on Wednesday.

 

The credit research firm conducted the survey on price hike trends among companies in Japan for the second time. The previous survey was implemented in April.

 

In the latest survey, carried out over four days through Monday via the internet, companies planning price hikes in July-September this year accounted for 19.9 pct of all surveyed firms, up from 8.6 pct in the previous survey.

 

By industry, the proportion of companies that have price hike plans between April 2022 and around June 2023 stood at 91.3 pct among manufacturers of food items, beverages and feedstuff and 89.1 pct among firms handling building materials, furniture and ceramic products.

 

Meanwhile, the percentage of such price-raising companies stood lower in sectors where competition is comparatively intense, at 12.0 pct among information service providers, 29.6 pct among real estate companies and 51.2 pct among transportation and warehousing firms.

 

According to Teikoku Databank, nearly 90 pct of the companies that provided responses in the latest survey were small firms.

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