TOKYO -- As companies across Japan raised prices to adjust to the 2 percentage-point hike in consumption tax on Oct.1, railroad operator Keikyu went against the grain by reducing fares on its cash cow Haneda Airport-to-central Tokyo route by about 30%.
It was not as if the rail operator needed a shot in the arm. Keikyu commands a comfortable top share of 32% of the passengers using the urban airport. The fare revision is expected to blow a 4 billion-yen ($36.7 million) hole in revenue.
