Japan's whisky bubble goes flat as Chinese demand dries up

Prices at high end drop nearly 20% from speculation-driven peak

20250204N Yamazaki 25

The secondary market price of a bottle of Suntory's Yamazaki 25 whisky has dropped below 1 million yen, according to an appraiser. (Photo by Akinobu Iwasawa)

AKINOBU IWASAWA, CHIHIRO ISHIKAWA and TAMAYO MUTO

TOKYO -- Japanese whisky prices on the secondary market have dropped in recent months, deflating what some observers have called a bubble reflecting global economic trends, particularly China's slowdown.

"High-end domestic whiskies have fallen by 15% to nearly 20% across the board" from the peak, said Jun Mochinushi, who works in the appraisal department at BuySell Technologies, a company dealing in brand-name goods. Mochinushi noted that while prices were trending upward in the first half of 2024, they began sliding around June or July.

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