TOKYO -- Prices of American beef used in meals like beef bowls and shabu-shabu hot pot have jumped in Japan amid strong demand here and a soaring appetite for the meat in the U.S.
Wholesale prices of American short plate cuts came to around 755 yen ($6.70) per kilogram in late June, up 34% on the year. Price increases that began at the end of last year have accelerated since spring to stand roughly at a high recorded in April 2015, just prior to a plunge caused by Hong Kong's beef import ban. With U.S. production struggling to keep up, prices likely will remain high for the near future.
