Japan’s Slowdown: ‘Tis the Seasoning
TOKYO — Japan’s economic slowdown has curtailed fancy, expense-account dining, but it is ringing the dinner bell for ketchup, mayonnaise and soy sauce.
These days, money is tight and consumers are cooking at home, creating a big demand for seasonings that sell more to consumers than restaurants.
Ketchup maker Kagome Co. Ltd. saw March through August profits soar 79.7% from a year earlier, to $25.1 million.
Kikkoman Corp., Japan’s top soy sauce maker, saw 28.1% growth to $18.2 million in profit for December, 1991, to May, 1992.
And the yen’s appreciation against the dollar and a slow demand for eggs have been good news for mayonnaise makers because eggs are a key ingredient.
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