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Japan Tobacco gets approval to raise prices

Japan Tobacco Inc. said Aug. 21 that it received approval from the Japanese finance ministry to increase the local retail prices of its tobacco products.

The Tokyo-based cigarette maker will raise the prices of 115 tobacco products including 102 cigarette products, three cigarillo products, three pipe tobacco products, three cut tobacco products and four Ploom S tobacco-infused vapor products.

Effective Oct. 1, the company's Natural American Spirit, Seven Stars and Peace, Mevius, Pianissimo and 10-unit Hope cigarettes, as well as its Mevius for Ploom S, will see a ¥10 price hike.

The rise in prices is in response to a planned increase in consumption tax, Japan Tobacco said.

As of Aug. 21, US$1 was equivalent to ¥106.48.