Japan’s Asahi says Korean boycott cost it 3 billion yen last year

FILE PHOTO: The logo of the Asahi Breweries is seen at the Asahi Ibaraki Brewery in Moriya, Ibaraki prefecture, Japan, April 7, 2016. REUTERS/Yuya Shino/File Photo/File Photo

TOKYO (Reuters) – Japanese beer and beverage maker Asahi Group Holdings (2502.T) said a South Korean consumer boycott of Japanese goods cost it around 3 billion yen ($27.32 million) last year.

“The impact is continuing in the current year,” Atsushi Katsuki, a senior Asahi executive told reporters.

Tensions between the two countries escalated after a South Korean court in 2018 ordered Japanese companies to compensate Koreans who were forced to work for Japanese occupiers during World War Two. Japan later retaliated by restricting exports of high-tech materials to South Korea.

Reporting by Ritsuko Ando; Editing by Kim Coghill

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