Apple has hiked the cost of its entry-level 128GB iPhone 13 by 18% in Japan, which is battling a weaker yen and rising inflation.
The entry-level iPhone 13 from the Cupertino, Calif.-based maker now costs 117,800 yen ($870), according to Apple’s website, up from 99,800 yen previously.
With the dollar up 18% against the yen year-to-date, the higher cost of the iPhone, which dominates the Japanese smartphone market, comes as consumer wallets are squeezed by rising prices. prices of basic necessities.
[Apple] has raised the prices of its iPad and iPad Air by 10,000 yen each, according to checks with Apple’s local website.
Apple joins a growing list of retail brands ranging from Asahi Group Holdings Ltd. to Lawson Inc. which are raising consumer prices in Japan to cope with soaring production costs, aggravated by the weakening of the local currency. Apple’s move may portend hikes from other consumer electronics makers.
With wage growth still sluggish, Japanese retailers have long been reluctant to raise list prices for fear of scaring off customers accustomed to years of deflation. Now that’s starting to change, with everything from the price of beer and soy sauce to fried chicken nuggets and burgers starting to climb as companies pass the costs on to buyers. The yen broke its lowest level in 24 years against the dollar last month as risky assets rebounded, adding pressure on retailers.
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