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Price cuts on Japanese goods showing positive effects: trade official

Price cuts on Japanese goods showing positive effects: trade official

Taipei, March 20 (CNA) The positive effects of lowering the prices of imports from Japan are gradually becoming evident, a foreign trade official said Wednesday in response to calls for a price reduction on such goods in line with the recent noticeable drop in the value of the Japanese yen. Hsu Da-wei, deputy director general of the Bureau of Foreign Trade, said the bureau has persuaded some importers of Japanese products to cut their prices and some of them have been launching special offers. The effects of these price-cutting efforts are gradually surfacing, he said, in response to a comment on the issue by Kuomintang (KMT) legislative caucus whip Lai Shyh-bao. Lai said that despite the dramatic fall in the Japanese yen, not all Japanese product prices have been reduced. In some cases, there have even been price hikes, he said. . His view was supported by another KMT lawmaker Lu Shiow-yen, who said that the refusal of some retailers to drop prices now is not consistent with past trends. In the past, a rise in the Japanese yen was reflected in higher prices of Japanese products such as Kose skin care products, Meiji chocolate and Toyota automobiles, he said, citing data. Meanwhile, Jui-Fang Ho, director-general of the National Tax Administration of Taipei, said the higher profits earned by importers of Japanese goods, the higher their taxes. Ho said she will take particular note of their tax payments next year. A customs official also said that if the importers pay their customs duties in the Japanese currency, it gives them a bigger profit margin because of the low value of the yen. Sun Lih-chyun, vice chairman of the Fair Trade Commission, said the commission will continue to keep a close eye on the prices of products imported from Japan. (By Chen Wei-ting and Y.L. Kao)


Updated : 2021-02-26 16:08 GMT+08:00