September 9, 2004

Australian Beef Prices Up In Japan

The wholesale price of Australian beef in Japan's Tokyo rose 5.6% Tuesday from the recent low in mid-August. This comes as domestic trading houses and meat companies started to restock their depleted inventories after strong demand over summer.

The price of chilled beef on Tuesday was 760 yen per kilogram (US$6.95) for a full set in Tokyo, an increase of 20 yen, or 2.7%, from last week. The price rebounded in mid-August and has since gained a total of 40 yen, or 5.6%.

The supply of imported beef in Japan is tightening. Meat companies had temporarily curbed beef purchases as US beef imports are expected to resume soon. Japan banned imports of US beef at the end of 2003 after a case of mad cow disease was discovered there.