Good news for beef lovers. On April 10 gyudon (beef bowl) chain Yoshinoya announced it would cut the price of its standard namimori serving by ¥100 to ¥280 starting April 18. Sukiya, the No. 1 gyudon chain, was selling its namimori version for ¥250 until April 12, and No. 3 in the race, Matsuya, was doing the same thing until April 15.
At the press conference where Yoshinoya made the announcement, company president Shuji Abe told reporters that Yoshinoya felt it could not reach its desired sales target "with prices as they are," and since "price is the biggest factor affecting sales," they decided to cut it by more than a fourth. Though Yoshinoya's two rivals are ending their own price-cut campaigns this week, they carry them out on a fairly regular basis, so it's likely they will react in kind to the announcement.
In reporting the announcement, the Asahi Shimbun reporter remarked that, although consumers will certainly appreciate the lower price, how can Yoshinoya hope to make a profit after such a drastic cut? Moreover, what does the move say about the government's strategy of boosting inflation? Yoshinoya's Abe stressed that the business environment has become "even more difficult" owing to the decrease in the yen's value, which makes importing beef more expensive. But he also said that the company will still be able to turn a profit because it plans to import even more beef and thus can expect cheaper wholesale prices now that the regulations with regard to beef imports have changed.