January 14, 2004

Imported Beef Prices in Japan Soar 60%

Imported beef prices in Japan increased by about 60% following a ban on US beef, an independent administrative agency said Tuesday.

The Agriculture & Livestock Industries Corp. said prices of a side of U.S. frozen beef stood at 963 yen to 1,063 yen per kilogram during the five-day period between Jan. 5 and Jan. 9 for major wholesalers.

This represents rises of 62% to 71% from the prices in the middle of December, the agency said.

As for Australian frozen beef, prices have risen 52% to 67% since mid-December, it said.

The price rise, however, was extremely abnormal, given that beef imports from the U.S. have been halted, agency officials said.