U.S. drought and weak yen lift Japan's beef import costs

TOYOTA -- Japanese wholesale prices for imported beef have hit the highest level since the market was opened up in 1991, as a drought in southern U.S. states curtails supply, prompting restaurants to weigh price hikes.

Domestic wholesale price of U.S. belly meat used in beef bowls and other dishes is currently between 1,080 yen and 1,200 yen ($7.13 and $7.92) per kilogram, up 38% from the same period last year. With the weak yen also driving up costs, the price surpassed the previous high reached in 2014.