Japanese 100-yen shop president says penny-pinching mindset persists

TOKYO -- One of Japan's leading discount store operators is betting that consumers will continue to seek lower prices for everyday items, despite efforts by corporate businesses and the government to bring the country out of a deflationary mindset.

With pent-up demand from the COVID-19 pandemic for traveling and dining out cooling, consumers are selective about how to spend their money. These days, people prefer to spend on special occasions and cut down on everyday items, says Eiji Kawai, president of Seria, a major 100-yen store operator.