Japan Tobacco plans price hike  

Japan Tobacco Inc, the world's third-largest tobacco firm, said it is likely to hike its domestic cigarette prices within the next three years to secure a profit amid a steadily shrinking market.

Like other developed nations, Japan's smoking population has been declining due to growing health awareness, hitting Japan Tobacco, a former state monoply which controls 65 percent of the domestic cigarette market.

There has been growing speculation that Japan Tobacco would hike its cigarette prices for the first time since July 2006 after it set a target of keeping its core profit from its domestic tobacco business steady for the three years through to March 2012.

Jump to full article »