Reported about 1 year ago
Due to the sharp depreciation of the Japanese yen, 20 beef barbecue restaurants across Japan have closed in the first half of this year, setting a new record for the fastest closures in history. The increasing demand for American beef in South Korea has led to a beef procurement battle, causing import costs to skyrocket in Japan. Rising electricity, gas, and labor costs have also contributed to many barbecue restaurants struggling to stay afloat. As a result, the price of imported beef at one Tokyo barbecue restaurant has surged by nearly 60% over the past four years. South Korean influence on beef consumption and the popularity of American beef among consumers and social media influencers have further disrupted the Japanese market.
Source: YAHOO