Daikin, Panasonic join in Japan's price hikes for appliances

Aug 01, 2022 | News On Japan

Companies losing fight to keep goods cheap as materials and transport costs rise

Aug 01, 2022 (Nikkei) - The price hikes in Japan have spread to appliances including air conditioners, dishwashers and refrigerators, as companies such as Daikin Industries and Panasonic struggle with the surging costs of raw materials.

Japan's consumer price index for "household durable goods" such as large appliances rose 7.5% in June from a year earlier, the Ministry of Internal Affairs and Communications reports. By product category, air conditioners increased 11% to 130.1, the highest index level since March 2009. The growth rate is also the highest in 15 months. Refrigerators climbed around 15% for the third consecutive month.

CPI for air conditioners and other products could remain high, at least for the near future.

"We will gradually raise prices by 4% to 5% globally" during this fiscal year ending in March 2023, a Daikin executive told Nikkei. The air conditioner manufacturer is boosting prices to coincide with product launches and other events, in response to rising costs for transportation and raw materials such as copper and aluminum.

Masanori Togawa, president of Daikin, said that shifting these costs to the company's shipping prices for retailers is a "top priority."

Panasonic will raise prices 3%-23% on nearly 80 products, mainly appliances such as refrigerators, starting in August. ...continue reading

Record Rain Triggers Level 5 Warning in Fukui

Record rainfall caused 19 rivers to overflow across Fukui Prefecture, flooding roads and homes, triggering landslides and temporarily forcing authorities to issue the highest-level heavy rain emergency warning from early Sunday morning.

Drones Deliver Supplies to Residents Cut Off by Landslide

Drones were used to deliver food and daily necessities to an isolated mountain community in Himi City, Toyama Prefecture, on August 30 after torrential rain triggered a landslide that cut off road access, while volunteers continued flood recovery work in neighboring Ishikawa Prefecture.

Typhoon No. 23 Overtakes No. 22 East of Japan as Both Head North

Two typhoons east of Japan were moving northward on August 30, with Typhoon No. 23 (Banlan) overtaking Typhoon No. 22 (Artau), although neither storm is expected to have a direct impact on Japan.

Nine-Minute Drone Video Shows Scale of Aeon Mall Damage

A 9-minute, 13-second drone video filmed inside Aeon Mall Kumamoto two days after the deadly explosion has provided a detailed view of the destruction, showing collapsed ceilings, heavy dust and widespread damage that may have affected between one-third and nearly half of the shopping center.

Conditions Ease as Typhoon No. 18 Passes Okinawa

Strong Typhoon No. 18 was moving northwest through the East China Sea on the night of August 26, gradually pulling away from Okinawa and the Amami Islands as lingering rain, strong winds and high waves were expected to ease. As of 9 p.m. on August 26, the typhoon was over waters north-northwest of Kume Island and moving northwest.

MEDIA CHANNELS

MORE Business NEWS

Toyota Targets Autonomous Driving From 2028

Toyota Motor plans to introduce passenger vehicles equipped with advanced automated driving technology from 2028, allowing drivers to travel with almost no manual operation, including taking their hands off the steering wheel on ordinary roads.

Tokyo Consumer Prices Rise 1.8% in August as Inflation Accelerates

Consumer prices in central Tokyo rose 1.8% in August from a year earlier, with the pace of inflation accelerating for a third consecutive month as higher food prices continued to put upward pressure on household costs.

Nikkei Rebounds as IT Shares Rise Before Jackson Hole

Tokyo stocks rose on August 28, with the Nikkei 225 closing at 66,405.56, up 273.58 points, or 0.41%, as information-technology, software, automaker and selected semiconductor-related shares gained after a U.S. technology rally, while investors remained cautious before Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.

Japan's Toy Market Tops 1 Trillion Yen

Japan's toy market continues to expand despite the country's declining number of children, reaching a record 1.1664 trillion yen in fiscal 2025 as manufacturers increasingly target adults and introduce products reflecting social issues ranging from sustainability to investment.

Nikkei Slips as Nvidia Rally Fades Into Profit-Taking

Tokyo stocks slipped on August 27, with the Nikkei 225 closing at 66,131.98, down 130.18 points, as early buying in artificial intelligence and semiconductor-related shares following Nvidia’s strong earnings forecast faded into profit-taking, while the broader TOPIX edged higher for a sixth straight session.

Seven-Eleven Installs Self-Service Shipping Machines

Seven-Eleven Japan and Yamato Transport announced on August 26 that they will introduce self-service shipping machines allowing customers to send parcels without lining up at a staffed checkout counter.

Nikkei Reclaims 66,000 as Nvidia Caution Keeps Trading Thin

Tokyo stocks rose on August 26, with the Nikkei 225 closing at 66,262.16, up 405.73 points, or 0.62%, as investors bought back selected semiconductor and financial shares, although trading was thin ahead of Nvidia’s earnings and uncertainty remained over artificial intelligence valuations, the yen and Bank of Japan policy.

Nikkei Falls as Nvidia Caution Hits Chip Shares

Tokyo stocks fell on August 25, with the Nikkei 225 closing at 64,980.53, down 0.8%, as investors sold semiconductor and electronics shares ahead of Nvidia’s earnings while a weak yen, elevated bond yields and renewed U.S. pressure on Iran kept risk appetite subdued.

< 2 3 4 5 >