Key facts
- Japan's Fair Trade Commission (JFTC) raided six major ice cream manufacturers.
- The companies are suspected of forming a cartel to fix prices on popular frozen treats.
- Meiji Co., Morinaga Milk Industry Co., Morinaga & Co., Lotte Co., Ezaki Glico Co., and Akagi Nyugo Co. were raided.
- Reports indicate coordinated price increases of around 10 yen (6 U.S. cents) over several years.
- Companies confirmed cooperation with the JFTC investigation.
Japanese fair trade watchdog officials have raided six major ice cream makers on suspicion of price fixing. The companies, including Meiji Co., Morinaga Milk Industry Co., Morinaga & Co., Lotte Co., Ezaki Glico Co., and Akagi Nyugo Co., are suspected of violating anti-monopoly laws. Meiji Co. confirmed it was raided and promised full cooperation with the Japan Fair Trade Commission (JFTC) investigation. Similar statements were issued by the other five companies. Reports suggest that top managers at these firms were in contact over several years to coordinate price increases, such as a 10 yen (6 U.S. cents) hike, and the timing of such increases on popular frozen treats sold widely across the country. The JFTC has not officially commented on the probe, but such raids are part of its efforts to protect fair competition.