TOKYO -- Philip Morris Japan plans to raise prices on around 80% of the conventional cigarettes it sells here, a rare step in the absence of a tax hike, as it tries to cope with a shrinking market by leveraging new technology.
The company will file with the Ministry of Finance for an increase of 10 yen (9 cents) a pack for 85 of 103 products under four brands of American tobacco giant Philip Morris International, including Marlboro, Parliament and Virginia S. This translates to a hike of 2.2% to 2.6%.
