TOKYO, Nov 9 — When Japan’s “symbol of affordability” Uniqlo decided to increase the price of its basic socks last month, it sparked a backlash before the clothing titan made an immediate U-turn.
That came after Italian-style family restaurant chain Saizeriya issued an almost grovelling apology as it decided to add ¥20 (RM0.50) to the price of its trademark Milanese Doria, lamenting its “lack of effort”.
The very public angst — including in one of the world’s most recognisable clothing brands — highlights the struggles Japanese firms face as they battle rising costs in a country where decades of deflation have nurtured a consumer class averse to higher prices.
The Bank of Japan last month declared its 2 per cent inflation target had been met, after 13 years of ultra-loose monetary policy.
