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Hagoromo raises tuna prices, cuts wages as yen challenges profits

JIJI

Hagoromo Foods Corp. will raise prices for its mainstay canned tuna products by as much as 6.1 percent on May 1.

The hikes will apply to most products in its Sea Chicken lineup as the company struggles to deal with soaring prices for yellowfin tuna and bonito and a weaker yen, it said Wednesday.

The price of a 165-gram can of Sea Chicken L will rise to ¥345 from ¥330, but some of its other Sea Chicken products will see content levels drop to 70 grams from 80 grams on June 1 with prices kept unchanged.

In response to deteriorating earnings, the company will skip executive bonus payments while cutting executive compensation by up to 30 percent and regular wages and bonuses by up to 10 percent starting next month.

This pay cut will be the company’s first since it went public on the second section of the Tokyo Stock Exchange in February 2000.