Steak lovers across Japan have reason to celebrate. From Friday, they will pay less for a slab of Australian beef at hundreds of outlets run by a major retailer nationwide.
Officials at Aeon say they are making the change in anticipation of the Trans-Pacific Partnership free trade agreement. The deal takes effect on December 30th. Aeon imports beef from its own ranch in Tasmania.
The tariff on chilled beef from Australia is now 29.3 percent. Under the TPP, it will fall to 27.5 percent in the first year. It will continue to decline after that.
To promote the change, Aeon introduced the new prices a day early at one store in Tokyo.
A cut of sirloin costs 19 percent less in yen terms. Excluding tax, 100 grams sells for about 4 dollars.
Aeon Retail's Akira Kenmotsu said, "Over the next 16 years, tariffs on Australian beef will eventually be lowered to 9 percent, so we expect that we'll be able to offer steaks at much more reasonable prices."
The revised prices will take effect at roughly 400 Aeon outlets across Japan.
