Japan's Fair Trade Commission has raided the offices of Asahi Breweries and Kirin Brewery over alleged collusion to raise beer prices. Both companies confirmed the raids to the BBC and stated they are fully cooperating with the investigation. Sapporo Breweries and Suntory Spirits were also reportedly raided. Following the news, shares of Asahi, Kirin, and Sapporo all fell. According to The Japan Times, the investigation focuses on price increases made by these companies last April and in October 2022, citing rising raw material costs.