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Steakhouse bankruptcies in Japan are hitting record highs as US beef prices rise

TOKYOMay 7 (News On Japan) – According to Teikoku Databank, there were ten steakhouse bankruptcies in fiscal year 2023, five times as many as the previous year, marking a record high.

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

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

Source: ANN

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