Price Hikes Face Backlash in Japan Amid High Inflation

• Japanese firms are facing difficulties in raising prices due to consumer aversion to price hikes.
• Uniqlo, a symbol of affordability, faced backlash when it increased the price of its basic socks.
• Saizeriya, an Italian-style family restaurant chain, apologized for raising the price of its Milanese Doria.
• Consumers in Japan are accustomed to decades of deflation, making them resistant to price increases.
• Companies in Japan are feeling guilty about raising prices despite the need to combat rising costs.