Japanese authorities have launched a compulsory criminal investigation into the country's largest beer manufacturers, raiding their offices on suspicion of coordinating price increases across the market. Asahi and Kirin confirmed to a national broadcaster that the Japan Fair Trade Commission had searched their premises, with both firms pledging full cooperation. Reports indicate that Sapporo Breweries and Suntory Spirits were also targeted in the operation, which represents the JFTC's first compulsory investigation into suspected price-fixing in the food and beverage sector.
The raids were conducted under the JFTC's criminal-investigation authority with a judge-issued warrant, signalling the seriousness of the allegations. Share prices for the three publicly-listed companies fell sharply when news of the investigation emerged on Wednesday, with the four brewers' shares declining nearly 4%. Suntory, which is privately held, was not affected by market movements.
What are the suspected violations?
Investigators suspect the companies coordinated wholesale prices following their monthly meetings at the Brewers Association of Japan. According to reports, sales executives from the firms allegedly met separately to arrange price increases and establish pricing by container type. The suspected coordination may have extended beyond standard beer to encompass low-malt and other beer-like beverages.
The focus of the investigation centres on price increases announced in April 2025 and October 2022, when all four companies raised their prices citing rising raw material costs, energy expenses, and transportation fees. The four brewers together control more than 90% of Japan's beer market, which is worth more than ¥1 trillion annually, making any coordinated pricing behaviour highly consequential for consumers and the broader economy.
How have the companies responded?
Kirin Holdings stated that its subsidiary, Kirin Brewery Company, was searched
on suspicion of a violation of the Antimonopoly Act. The company said it takes the matter
very seriously, committing to
fully cooperate with the Japan Fair Trade Commission's investigation and any requests for cooperation. The firm added that
at present, the impact of this matter on the company's financial results has not been determined. The company will promptly disclose any material developments as they arise.
Asahi Breweries confirmed it was
subject to investigation by the Japan Fair Trade Commission regarding a suspected violation of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, pledging to
fully cooperate with the commission. Sapporo and Suntory have been contacted for comment but have not yet issued formal statements.
What happens next?
The JFTC is expected to examine the materials seized during the raids and continue its investigation. The authority is considering whether to file a criminal complaint with prosecutors, though no timeline for such a decision has been announced. The scale of the market under investigation underscores the significance of the case: Japan's 2024 domestic sales of beer and happoshu totalled approximately ¥1.6 trillion, according to the National Tax Agency.
Key Facts
- Four major brewers—Asahi, Kirin, Sapporo, and Suntory—were raided by Japan's Fair Trade Commission on suspicion of price-fixing
- The four companies control over 90% of Japan's beer market, valued at more than ¥1 trillion annually
- Investigators suspect executives coordinated price increases in April 2025 and October 2022, potentially extending to low-malt and beer-like beverages
- The JFTC may file a criminal complaint with prosecutors as its investigation continues
- This is the first compulsory investigation by the JFTC into suspected price-fixing in the food and beverage sector
