business
Japan raids ice cream giants over price-fixing allegations
Key takeaways
- Osmond Chia Business reporter AFP via Getty Images.
- 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.
Osmond Chia Business reporter AFP via Getty Images. The investigation on alleged cartel pricing of ice cream comes as Japan faces record summer temperatures.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.
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