Uniqlo owner to hike prices in sign of shift for Japan [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
Company Research
Source: Reuters
owner said on Thursday, becoming a high-profile example of Japanese firms throwing off a decades-old deflationary trend. The comments from Fast Retailing (9983.T) , which reported a near 6% rise in quarterly operating profit thanks to a strong showing in overseas markets outside of China, come as more Japanese firms say they can no longer offset soaring costs with belt-tightening. Years of stagnant prices and wages have made Japan Inc nervous about charging more for fear of alienating shoppers and losing market share. But the weakening yen is further driving up costs adding to the inflationary pain following the pandemic. "We have reached a point where we have no choice but to raise the prices of some products," Chief Financial Officer Takeshi Okazaki told reporters in Tokyo, citing weakness in the yen that is driving up the cost of raw materials and shipping. The currency recently hit its weakest in five years against the dollar. Japanese firms' reluctance to raise prices -
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