Japan beer giants raided over alleged price-fixing cartel

Share Save Add as preferred on Google Osmond Chia Business reporter AFP via Getty Images Japanese officials have raided the country's biggest beer makers over allegations they worked together to raise the price of their beverages.

Asahi, Sapporo, Kirin and Suntory Spirits confirmed to the BBC that their premises had been searched by the Japan Fair Trade Commission (JFTC), adding that they would fully cooperate with the regulator.

The four firms dominate Japan's beer market, with their drinks a common sight in supermarkets and convenience stores across the country.

Asahi, Kirin and Sapporo all saw their share price fall after news of the investigation broke on Wednesday. Suntory's beer business is not publicly-listed.

"I do not deny that an investigation is being conducted today, but I'd like to refrain from commenting on the details as a preliminary review is underway," JFTC Secretary General Iwanari Hiroo said, according to local media.