October 10, 2006

Australian beef prices hit record highs in Japan

Australian beef prices in Japan hit record highs last week as increases in Australian beef prices came at a time of a weakening yen, Japan's Agriculture, Forestry and Fisheries Ministry said.

Last week's average price of refrigerated loin beef imports rose by 8 yen (US$0.07) per 100 grammes from the previous week to 384 yen (US$3.24), the highest price since the ministry recorded weekly beef prices in August 2003.

Growing beef demand in Japan and the slow increase in US beef sales there were also factors contributing the rise in imported beef prices, the ministry said.