Tokyo - Japan's first recession in 23 years has yet to hit the country's imports in a big way, with luxury items in hot demand as ever.
Although a gloomy economy has chilled consumer spending for months, it has taken the yen's plunge over the past week to cause the first high-profile import casualty.
The casualty is beef imports from the United States which have been brought to a near standstill as consumers balk at higher costs while the economic situation remains bleak.
“The dollar's gains are extremely negative for our imports,” said a beef trader at a leading trade house.
About half of Japanese meat consumption is from imports with the United States the biggest supplier.
“Japanese traders have stopped engaging in the import business for beef shipments over the next few months,” the trader added.
Meat Industry Insights News Service
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