Japan beer giants raided over alleged price-fixing cartel

There are reports Sapporo Breweries was also raided. Asahi, Kirin and Sapporo all saw their share price fall after news of the investigation broke on Wednesday. All four companies announced increases, citing the rising cost of raw materials as well as other factors such as energy and transportation. Kirin Holdings said its subsidiary, Kirin Brewery Company, was searched "on suspicion of a violation of the Antimonopoly Act". Kirin Holdings said: "At present, the impact of this matter on the company's financial results has not been determined. "A spokesperson for Suntory confirmed "an on-site inspection" had taken place "in connection with a potential violation of Japan's Antimonopoly Act relating to domestic alcohol trade practices". The company said: "We sincerely apologise for any concern or inconvenience this situation may cause to our customers, business partners, and other stakeholders. "Asahi Breweries said it was "subject to investigation by the Japan Fair Trade Commission". "The Japan Fair Trade Commission has been contacted for comment.