Phillip Morris Looks to Raise Cigarette Prices in Japan (PM)

Nikkei.com is reporting that Philip Morris Japan KK, a division of Philip Morris International PM, has petitioned the Japanese Ministry of Finance to increase the price of its 76 cigarette products to offset a hike in taxes on tobacco. If approved, the higher prices would kick in Oct. 1. The additional tax amounts to 3.5 yen per cigarette, or 70 yen for a standard pack of 20. With sales expected to decline after the tax increase, Philip Morris is clearly aiming to maintain revenues through price hikes. For more information, please visit… http://e.nikkei.com/e/fr/tnks/Nni20100722D22JFN02.htm Philip Morris International Inc. is engaged in the manufacture and sale of cigarettes and other tobacco products through its subsidiaries and affiliates. The company's products are sold in approximately 160 countries.