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Stock up on nattou while you can!
"Companies are becoming less hesitant to raise prices," a Teikoku Databank official in charge of the survey said. "They are getting quicker to make a move" as they see an increasing number of competitors charge more for everything from pasta to chocolates.
Thank you Prime Minister Kishida and your glorious New Capitalism!
3rd biggest economy in the world, where the population are turning off their ACs , eating less. Driving less. Earning the same money they did 20 years ago or less. Sounds like paradise.
And the government is "urging" a 2% wage increase......what a frickin joke!
Many thanks Mr Kuroda for your monetary policy that destroyed the JPY and made everything imported crazily expensive.
As for himself he probably does not have to stock on nato or anything else…
There're talks of 38 yen wage increase,so we'll all be good to survive.
And the "official" inflation rate will still be around 2%? Just asking.
quote: And the "official" inflation rate will still be around 2%?
It'll be 1.9 something, so they'll have a solid reason to maintain their monetary easing policy.
Does it say カルト食品 in the photo？
Abolish sales tax on all food items.
I suppose there's no chance of a corresponding wage increase? Capitalism is just so awesome!
Many thanks Mr Kuroda for your monetary policy that destroyed the JPY and made everything imported crazily expensive.
How would you handle it? Raise interest rates to 5% so the yen gets stronger but economy contracts 10%? Damned if you do, damned if you don't. Welcome to the reality of capitalist economy.
Nothing to do with the weak yen
The yen has been much weaker than this without corresponding food price hikes.
"Companies are becoming less hesitant to raise prices," a Teikoku Databank official in charge of the survey said. "They are getting quicker to make a move" as they see an increasing number of competitors charge more for everything from pasta to chocolates »
As we all know there is a tendency in this country to behave as others do. During 30 years companies did not increase prices because other companies were not doing it.
we are not entering a totally new paradigm where everybody increase prices because other companies do.
We have started an inflationary spiral. Fasten your sit belt!
"Companies are becoming less hesitant to raise prices," a Teikoku Databank official in charge of the survey said. "They are getting quicker to make a move" as they see an increasing number of competitors charge more for everything from pasta to chocolates »
As we all know there is a tendency in this country to behave as others do. During 30 years companies did not increase prices because other companies were not doing it.
we are not entering a totally new paradigm where everybody increase prices because other companies do.
We have started an inflationary spiral. Fasten your sit belt!
Does it say カルト食品 in the photo？"
KennyG: The supermarket shelf divider is labeled with the words, 'kare' (curry sauce) and 'retoruto shokuhin' (packaged food products)...this is where I do most of my shopping!
The solution to higher prices is to switch to the cheaper supermarkets.
A little time and effort can be rewarded…
"earning the same as 2- years ago" it's not as black and white as many may think, Japan didn't have inflation for decades so it doesn't really matter that your salaries didn't increase, I came here in 1997 and honestly, only recently the eggs for example started to cost a little bit more than they did in 1997, compare that to Europe. Economics is never as black and whote. Also the weak yen is not alone to blame, it's the perfect storm of weak yen, broken logostics chain, raw materials at sy high prices and let's not forget the amazing profiteering of energy cmpanies like Shell and BP for example that are cashing in on it, that's the really disgusting part of it, they made already billions in profits this year and are telling us that we have an energy crisis
The solution to higher prices is to switch to the cheaper supermarkets.
> A little time and effort can be rewarded…
Depends where you live. We have limited stores. We shop price reductions days or items with prices down.
Luckily most processed foods mentioned above can be made in your own kitchen. Not that most will do…
I already make many of my own condiments, Cure and smoke my own bacon and other meats.
I wish more would do as it’s not really all that difficult once you get the hang of it and you would discover that it tastes 10 times better
3rd biggest economy in the world, where the population are turning off their ACs , eating less. Driving less. Earning the same money they did 20 years ago or less. Sounds like paradise."
Spot on...the downhill slide is accelerating. 3 cheers for the wonderful leadership of the LDP geriatrics.
I noticed certain items I was buying had shrunken in size but kept the same price, you mean to say not only will it continue to be small, but now the price will increase? Great...
The wage increase Kishida promised could not come soon enough.
Inflation is like the Frog in heating water.
Slowly erode the middle class so the war machine can survive. Pick any large economy country. All in debt. All sending money and weapons to corrupt Ukraine in a war they provoked. All woke. Full distraction mode.
I can't wait for the 30 yen pay rise to increase spending and solve our economic woes.
Isn't it lucky these inflationary problems only happened after the election?
Not that it would have made the slightest iota of difference.
"If God didn't want them to be sheared..." Eli Wallach.
I wish more would do as it’s not really all that difficult once you get the hang of it and you would discover that it tastes 10 times better
Absolutely. One will discover that a lot of the processed food packaged in four layers of plastic in the supermarket is just a pale imitation of the real thing. Or that the real thing isn't even available pre-packaged. We have been making our own tsukemono for a while, and recently, we started making our own koji and it's amazing. And there's a big pot of ume syrup brewing in the corner of our kitchen.
I mused before that the new economic realities may bring a resurgence in home cooking. (And by that, I decidedly don't mean "bringing frozen food home and shove it into the microwave".) And that wouldn't be such a bad thing.
Since YEN is weaker prices are skyrocketing or at least raising steadily.
An aging society and a weaker economy will only cause the consumption TAX to raise as well.
I believe we might hit 20% in the far future.
How would you handle it? Raise interest rates to 5% so the yen gets stronger but economy contracts 10%? Damned if you do, damned if you don't. Welcome to the reality of capitalist economy.
You are right it is too late. Mistake was done 10 years ago with Abenomics. The future is very bleak indeed.
But I disagree that it is capitalist economy. On the contrary we are now in a centrally planned economy and it is one of the main cause of the disastrous situation.
This price hike on food didn’t hit on me until I went into 7-11 and saw they raised coffee prices across the board, about 20%. That got me off it, cold turkey.
Relative food prices have been declining for decades. May be now food will be valued more, which might translate into less food waste.
Perspective folks. My Tokyo grocery bills had been coming down for many long years until recently. A lime in the supermarket used to cost 300 yen. Now it's 100. Chilean wine here is half the price as in my country of Canada.
This contributed to Japan's notorious deflation that corporations used to justify cutting workers' bonuses and generally suppressing wages. The inflationary trend could re-establish a healthy wage-inflation cycle, which Japan has sorely needed. It's up to how private sector employers respond. Let's wait and see.
Prices go up—level of anxiety goes up, shoplifting goes up, blood pressure goes up, crime goes up ... and so on.(I just can’t be bothered thinking of anything else).
Inflation is doing you a favour then, if you drink that muck. :-)
This price hike on food didn’t hit on me until I went into 7-11 and saw they raised coffee prices across the board, about 20%. That got me off it, cold turkey.
Prices set to rise in Japan for over 10,000 food items on weak yen
These items would bring the total number of products that have risen in price or are expected to do so this year to 18,532 items, with the average margin of increase standing at 14 percent, the survey showed.
Love how the title tries to lipstick the fact that we are closer to a total of 20,000 items...Well, that's Kyodo for you.
The depreciation of the yen has been pushing up the import costs denominated in yen.
I wonder if in future, should the yen appreciates again we will see a decrease in prices?
"The solution to higher prices is to switch to the cheaper supermarkets.
A little time and effort can be rewarded…"
I don't live in Japan, but do grocery stores use coupons there? Here in Columbus OH I use grocer and product coupons to help pare down expenses. We also look at stores that have comparable products at cheaper prices to save money. Granted, even the Dollar Tree stores have hiked their prices to $1.25. People around here joke they are now Dollar and a Quarter Tree stores.
Some locals are also starting gardens, and we cut down on waste by canning vegetables and potatoes we won't get to right away. Heck, we even pick apples to make our own pectin, and grapes to make homemade jelly!
There are global factors behind the price rises so they are forgivable.
What is not forgivable is wages not rising with them.
Globally food prices are seeing significant increases.
In Japan it’s more an issue of pay increases. It’s quite unbelievable but a reality that some prefectures have a minimum wage under 800 yen.
How, for example, can a single mother afford these price hikes, not to mention the underemployed, elderly on pensions, etc.?
I don't live in Japan, but do grocery stores use coupons there?
They do, but not in your mail or in newspapers. Rather, with a previous (usually larger) purchase, cashiers give out single-use coupons that give you a percentage or a fixed amount off your next purchase. Usually time-limited, sometimes just for a range of products. They also have specific days where a group of items is some percentage off, think "10% off meat on wednesday, 10% off fish on friday". In addition, there are of course special offers on products, but sometimes changing on a daily basis.
So yes, if you're smart about it and don't need to satisfy every whim on the spot you can save quite a bit. Being good at tetris in your freezer helps.
(I can't speak for any and all supermarkets. We are in the suburbs and mainly shop at local "smaller" markets, seldomly in big chains like Aeon or Super Tamade. So someone please correct me if I don't have the full picture.)
They do, but not in your mail
Correction: Wife informs me that they sometimes also come in the mail, although only for comparatively small savings.
Well, for starters, do yourself a favor and stop drinking soda. If you need to loose weight, stop drinking beer. Whiskey ? Who can afford THAT anyway?
What can you still buy in the ¥100 store ? I used to find six packs of eggs for ¥100, sometimes. If they have any, you can get a dozen in USA at some $ stores, but now it’s the $1.25 store, since December.
Good luck, we’re going to need it
Abolish sales tax on all food items.
Ok and also what else?
Slash which trillions of yen of spending accordingly? Or is the plan to just rack up more trillions of yen of debt each year? Or start believing in Santa Claus, or that some non-existent ultra wealthy people can be taxed more to fill the gap?
The somewhat wealthy people pay tax for that high class food themselves, doncha know…
Well, for starters, do yourself a favor and stop drinking soda. If you need to loose weight, stop drinking beer. Whiskey ?
This is good advice. Soda is empty calories that does nothing for you, and costs money.
Alcohol is almost the same, but at least you feel good from it. Maybe harder to quit, but anyone trying to lose weight who still drinks alcohol is running into a headwind of their own creation.
It's the Supply Chain Issue and Putin. Nothing to do with the policies of the LDP.
noticed certain items I was buying had shrunken in size but kept the same price, you mean to say not only will it continue to be small, but now the price will increase? Great...
Yeah, in my case, my favorite desert shrunk in size. They didn't even bother changing the plastic translucent cup, they just fill it less full. It looks obvious that it's at least 25% less food for the same price.
I lost about 3kg because I basically stopped drinking soda except occasionally. Don’t keep a supply in the refrigerator. I replaced that soda void with WATER.
Something I almost never drank, certainly not enough.
Stop buying garbage food, that you LIKE to eat, but don’t really need. Yes, you’re going to feel hungry, but your body will thank you for it.
Remember that Twisted Sister song? Stay Hungry
But I disagree that it is capitalist economy. On the contrary we are now in a centrally planned economy and it is one of the main cause of the disastrous situation.
Exactly. If this was a capitalist economy, there would be no headline that says "10,000 items" will rise in prices. That can only happen if there is a collusion (i.e. planning) among the companies and the government. Otherwise if only 1 company doesn't raise the price, the others could not either.
Prices set to rise in Japan for over 10,000 food items on weak yen:
Prices to rise on weak Yen? Not necessarily so.
The global inflation is unstoppable, it affects all nations, some more, other less.
Even if currency stays strong, prices of everything would keep soaring..
Apparently some on this board swallowed the socialist pill.
Nicki Haley explains why capitalism is far better than socialism.
https://www.prageru.com/video/capitalism-wins
Or start believing in Santa Claus, or that some non-existent ultra wealthy people can be taxed more to fill the gap?The somewhat wealthy people pay tax for that high class food themselves, doncha know…
Santa Claus in reality is Quantitative Easing which is a Basic income Social welfare for the rich.
Paid for by the working poor.
The wealthy who argue for policies that inflate their capital and corporate welfare I totally understand, neo-liberal policies and late stage capitalism benefit them richly.
But the poor temporarily distressed billionaires who shill for oligarch interests online I will never understand.
Wasnt it just Christmas like, last summer? 2020-1 stadiums, contractor rigs, inside sponsors, fudge budget games… A very merry Christmas to my mask makers and all! Now you see it plain as day. These Looters Dont Pay when the yen is up, they darn sure Dont Pay when the yen is down. But take a big fat thanks for all the extra votes and hey, dont forget to send tax!
Gotta love those that still look to the government to solve all of their first word world problems. Thanks Mr Kishidsan とか。Especially after everything this pandemic has shown and taught us about the scope and effectiveness of the J leadership class. They have shown us exactly what they do in times of crisis. Pretty much run and hide.
Some countries have done better than others, each dealing with crisis in their own way, but Japan just tends to go into shutdown mode , activate the gaman skills and hope for the best. Just try not to think about it. Comes easier for some than others. As long as you can get a 250 yen bento at Genki there’s no need for panic, nor much action.
With a billion people estimated to starve to death globally by 2025 due to the triple whammy of pandemic, war and supply chain breakdowns, the predictions are not good. If you are a collectivist you will huddle up, if you are an individualist you are thinking plan A, B and C. Asset assessment.
Wages simply won’t rise ( how could they? ) here in such times, people may get thrown a few scraps of 20 to 30 yen an hour, but those that have let themselves coast on minimum wage with zero planning for the future then well, it’s pretty much game up. Things aren’t looking too good. Generations worth of savings will be emptied by this young forgotten generation that never received the means, will or ability to map or comprehend the situation, never really cared either and now lack the skills to take the bull by the horns and redirect their lives for the better. You can thank a lazy education ministry for that one. It’s all gunna come home to roost over the next five to ten years, what the nation looks like on the other side is anyones guess,
Festivals will still happen, children will still be born, politicians will continue to promise the world then do their famous disappearing acts, and who knows, the coming challenges facing the Japan will either serve to make or break them. Their maybe some renewed grit, then again there may not. Time will tell. For now , things still work, the hospitals and care, services still cheap, so if your fami chicken rises 15 yen, just suck it up. You can always go and grow some tomatoes and cucumbers instead! Stay ahead of the curve good people. Enjoy the ride.
Kinda those words but with less words:
No Thanks Mr Kishidsan とか。Especially after everything this pandemic has shown and taught us.
J leadership class does exactly what they do in times of crisis. Pretty much Empty the Register and tell the working people, "Oh cmon people if you… just "ganbareba" like we did we'd all be RICH actually. But no tax break, Enjoy anyway- Your on your own!
Prices up = lower real wages down for many and a bigger gap between the haves and have nots. See how far Kishida's popularity goes down before the LDP starts talking about making some cosmetic changes, or just urging companies to raise wages - after the summer vacation of course.
Wheat trading prices are not soaring any more, they are virtually back to where they were in march. How long will we keep being ripped off though?
Double digit inflation coming by next year unless they raise interest rates.
Its true that the BOJ has chosen a path that favors businesses and large corporations over consumers. However, they are not entirely to blame for the weak yen. The problem is that the monetary policy of other G7 central banks has been tighter. The BOJ does not have a choice here, either they support the yen and crash the economy or they support the economy and crash the yen. Its much better that everyone has jobs with 15% higher prices than for 5 or 10 percent of the people to have no jobs.
Even with the way things are Japan is doing significantly better than every single country in the world on inflation and food prices including the US.
Wages simply won’t rise ( how could they? )...
Japan's corporate earnings are at record levels. Up nearly 14 percent in Q1 and an all time record for the quarter. The government's tax policies could easily be designed to financially punish employers who hog their gains and reward those that share more of their loot with their workers.
https://www.reuters.com/markets/asia/japan-q1-corporate-capital-spending-rises-3-led-by-manufacturers-2022-06-01/
Apparently some on this board swallowed the socialist pill.
Nicki Haley explains why capitalism is far better than socialism.
Nikcki Haley is dumb as a post mate.
Meanwhile, it's very American to think one or the other is better. Well functioning countries - aka the countries in the world with the least economic disparity, highest qualities of life, and highest happiness index - have a combination of both. Extremist countries, that are extreme socialist or extreme capitalist score much, much lower in all of these categories.
Unfortunately, Americans, due to a 2-party political system, have culturally lost the ability to think in nuance and balance, and tend to one extreme or the other.
I got some 2 carton of ice cream for 4.60 cent at HEB,buy one get one free,they also have mandarin orange cup 2 for 1.50 and tin of shortbread cookies 2 for 1 and anti free 2 for 11 dollars go to HEB and place an order online Google HEB
Slash which trillions of yen of spending accordingly? Or is the plan to just rack up more trillions of yen of debt each year? Or start believing in Santa Claus, or that some non-existent ultra wealthy people can be taxed more to fill the gap?
The poorest are hit hardest by taxes on food - they pay a much higher percentage of their income on food.
If the purchase tax on food (particularly on raw incredients) were shifted elsewhere to more luxury products, or even to corporate profit tax, the tax revenues can be maintained with a sizeable improvement in the life of those at the bottom end of society.
@wallace, I completely agree. There should be NO tax on food. That tax equates to adding to your peoples' hunger, or worse, starvation. Japan should really get with the program. Feed your people without tax. Tax the luxuries. But, of course, all those old men in government don't care about the cost of food for masses. They care only about continuing with the status quo. God forbid that women take over the Japanese government, eh?!! It sure would slap a lot of those old farts upside the head hard enough to knock them out of the process. But, I'm only dreaming.
This isn't a result of market forces/capitalism.
Politicians have deglobalised, limited access to labour, broken supply chains, wiped out sectors like tourism, and artificially hiked energy prices with sanctions.
The people tasked with running our countries are now ruining them.
Present tense: Politicians are deglobalizating . Because that is the solution, not the cause. Globalization is what got us into this mess in the first place, as domestic inflation is due to the twin GLOBAL supply shocks.
The onshoring recently launched, like the chips legislation in the US, is to reduce our vulnerability to global shocks, especially those caused by the communists who run China and by the ex KGB agent waging a war that's disrupting supplies from Europe's breadbasket.
The poorest are hit hardest by taxes on food - they pay a much higher percentage of their income on food.
The poorest don’t have any income, besides what others give them as financial support. So if we are going to have a tax system so that we can redistribute money to the poor…. Why do we need to worry about the impact of the tax only? What about the money given as a result?
It is an overall system, taxes fund it, and so shouldn’t be viewed in isolation. The transfer payments coming back offset the taxes, and the poor come out ahead.
If the purchase tax on food (particularly on raw incredients) were shifted elsewhere to more luxury products,
Then demand for those luxury products would drop, and tax revenues would be less than you hoped for.
This is the whole point of taxing food - everyone needs food so people can’t avoid paying their fair share.
Tax luxuries… and people will buy less luxuries, paying less tax revenues.
or even to corporate profit tax, the tax revenues can be maintained
It’s very dubious… if you tax something more, you get less of it. It’s why we tax stuff like tobacco, right? Tax more…. It doesn’t mean the revenues are maintained. No, it means the demand for tobacco goes down.
Taxes are always a negative. The way to go is to tax a broad base and keep the tax rate low.
with a sizeable improvement in the life of those at the bottom end of society.
Which can be financed by all people paying taxes on food - a fair share each - with those revenues redistributed to the needy, and they can come out ahead on the deal.
A complicated tax system just gives people incentives to avoid paying taxes, by avoiding those things that are taxed versus those that are not.
I consider myself reasonably wealthy, but I don’t spend money on “luxuries”. What other people consider essentials, are luxuries to me.
Let’s say that we tax…. Netflix. Is that going to collect enough revenues? And is it fair to Netflix that we designate it a luxury while other stuff gets a pass?
Honestly it is so much easier if we tax /everything/ and keep it simple, and then give the money collected to the needy.
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