Times are hard for Japanese with a sweet tooth as the country bemoans the latest side effect of Abenomics: a surge in the price of chocolate.
Over the past two weeks, all three of Japan’s largest confectioners — Meiji, Morinagaand Lotte — have announced sharp increases in the price of any sweet that uses cocoa.
The price rises reflect the yen’s latest slide, taking it from Y120 to Y125 against the dollar since mid-May, a move with decidedly mixed consequences for Prime Minister Shinzo Abe’s economic stimulus.
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