Steakhouse Bankruptcies in Japan Hit Record High as U.S. Beef Prices Soar

TOKYO, May 07 (News On Japan) - According to Teikoku Databank, there were ten steakhouse bankruptcies in the 2023 fiscal year, five times the previous year's count, marking a record high.

The main reason for the increase in bankruptcies is the weakened yen. The price of U.S. beef, such as sirloin, has risen 1.4 times over the past five years, exceeding 200 yen per 100 grams. Even Australian beef, which is cheaper than U.S. beef, has risen 1.3 times.

As purchasing prices sharply increase, many steakhouses are unable to raise prices due to concerns about losing customers, thereby putting pressure on their business.

Source: ANN

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