Aeon to Cut Aussie Beef Prices ahead of TPP's Enforcement

Economy

Tokyo, Dec. 6 (Jiji Press)--Japanese retail giant Aeon Co. <8267> said Thursday that it will lower the prices of Australian beef products by up to about 20 pct, ahead of the effectuation of the 11-nation Trans-Pacific Partnership free trade agreement on Dec. 30.

While the tariff rates for Australian beef are set to fall after the TPP goes into force, the company aims to spur demand by carrying out the significant price cuts in advance.

Subject to the move are Tasmanian beef sirloin and rib roast, with their prices to be cut by 19.7 pct and 3.5 pct, respectively. After the markdown, they both sell for 518 yen per 100 grams, including tax, according to Aeon.

The meat is from cattle raised at a farm directly run by Aeon in Tasmania in Australia.

The firm launched sales of the beef with the reduced prices at its Aeon Style store in the Himonya district in Tokyo's Meguro Ward on Thursday, with sales at other Aeon group outlets slated to start on Friday or later.

[Copyright The Jiji Press, Ltd.]

Jiji Press