Japan raids six ice cream giants over suspected price-fixing cartel as record heat looms

The raids

Antitrust officials entered the headquarters of six ice cream makers on Tuesday, searching for evidence of a price-fixing scheme. The companies targeted are Akagi Nyugyo, Ezaki Glico, Lotte, Meiji, Morinaga Milk Industry and Morinaga & Co. The Japan Fair Trade Commission (JFTC) has not issued a formal statement, but all six firms confirmed the inspections and said they would cooperate.

Allegations of coordination

Investigators suspect senior executives held meetings and exchanged emails to align the timing and size of retail price increases for popular frozen desserts. Japanese public broadcaster NHK, citing anonymous sources, reported that the firms raised prices several times by 5–10 percent over the years. NHK also displayed a graphic showing the price of a Meiji ice cream and a Morinaga Milk six-pack chocolate bites rising in parallel on four occasions between June 2022 and September 2025.

A booming market under scrutiny

Japan’s ice cream and frozen snack market reached a record 663 billion yen (about $4 billion) in the fiscal year ended March 2026, up roughly 3 percent from 2024, according to the Japan Ice Cream Association. Soaring summer temperatures have driven demand: 2025 was the hottest summer since records began, and this year the country introduced the term “kokushobi” for days reaching 40°C or above. The companies are suspected of exploiting food-price inflation to push through hikes that exceeded what raw-material costs alone would justify.

Company responses

Meiji, maker of Hello Panda snacks, said it took the inspection “very seriously” and would fully cooperate. Glico, known for Pocky, promised to “respond in good faith to the Fair Trade Commission’s investigation.” Morinaga Milk Industry posted a similar statement on its website. Akagi, which had previously apologised on its site for raising the price of its GariGarikun Soda bar, did not issue further comment beyond confirming the raid.

Public anger and enforcement

Rising prices have stirred public discontent in Japan, which is facing inflation for the first time in decades. The Bank of Japan raised interest rates this week, joining other central banks in responding to energy-driven price pressures. Tetsuji Yokote, director of the JFTC investigation bureau, said the commission typically issues cease-and-desist orders to cartel members and requires them to pay fees to the national treasury.

Each company should make its own judgment and decisions, rather than everyone raising prices together.

This is the first JFTC investigation into a suspected ice cream price cartel, according to sources familiar with the matter.