Japan FTC Raids 6 Ice Cream Makers over Alleged Price Cartel

Tokyo, June 16 (Jiji Press)–Japan’s Fair Trade Commission on Tuesday conducted on-site inspections of six ice cream makers including Meiji Co. for allegedly forming a price-fixing cartel, informed sources said. The FTC will analyze seized materials and interview relevant individuals to investigate the suspected violation of the antimonopoly law. The other five companies are Morinaga Milk Industry Co., Lotte Co., Morinaga & Co., Ezaki Glico Co. and Akagi Nyugyo Co. According to the sources, the six companies are suspected of raising the suggested retail prices of ice cream and some other products in increments of 10 yen based on information exchanged among executives from several years ago. The price fixing appears aimed at securing profits for each company, rather than responding to rising ingredient costs. The higher suggested retail prices may have affected wholesale prices and raised costs for consumers. END [Copyright The Jiji Press, Ltd.]