AI screening example · run on October 18, 2026

Stocks with pricing power,
across all of Japan.

Japanese food price hikes topped 20,000 items again this year. So which companies raised prices without losing volume? Katana kept 343 companies whose annual reports mention price revisions in the discussion of results, and AI read each one and supported 60.

Background

Japanese food price hikes topped 20,000 items for a second year.

According to a Teikoku Databank survey published on September 30, 2026, 3,153 food and drink items will rise in price in October, following 4,965 in September, the second month in a row above 3,000. Price hikes announced for 2026 reached 20,187 items, the second year in a row above 20,000. The average increase per hike was 10%. Raw material costs were cited for 91.3% of items, the most common reason, and the situation in the Middle East for 27.8%.

The hikes already show in Japanese companies' results. Prima Meat Packers raised ham and sausage prices in April 2025 for the seventh time since February 2022, and still grew its sales volume and market share while industry output fell. Kao's consumer products sales rose 2.5% on a like-for-like basis, made up of 1.7% from volume and 0.8% from price.

So which Japanese companies raised prices without losing volume? We searched annual reports with Katana.

Source：Price revision survey of 195 major food companies, October 2026 (Teikoku Databank, September 30, 2026, in Japanese)

01 / Input

The companies we wanted to find.

“We want companies that raised the prices of their own products or services in the latest fiscal year and still kept or grew their sales volume, customers or orders. We do not want companies whose prices only follow raw material indices or surcharges, or whose sales rose only in yen.”

Entered in Japanese; English translation.

We used a word condition to keep companies whose annual reports mention price revisions (価格改定) in the discussion of results, turned this profile into two questions entered in English, and had the AI read each report, question by question.

02 / Conditions

The conditions we applied across Japan.

Quantitative

Katana computes its metrics for every company.

The discussion of results in the annual report mentions “price revision” (価格改定)

Qualitative

AI reads each annual report and judges support and counterevidence.

In the fiscal year covered by this report, did the company actually raise the selling prices of its own products or services (price increases or price revisions that it carried out)? Do not count: plans or intentions to raise prices in the future; rising costs or price increases by suppliers only; prices that change automatically with raw material indices, fuel surcharges or market prices only; price cuts.
In the fiscal year covered by this report, did the company raise the selling prices of its own products or services, and does the report also state that sales volume, units sold, number of customers, number of users or orders were maintained or increased compared with the previous year? Do not count: cases where only sales in yen rose with no statement about volume, customers or orders; cases where volume, customers or orders declined; statements about other fiscal years only.

The questions were entered in English and judged in order.

~3,800listed companies

343match the numbers

60AI judged as supported

Katana

read the filings and supported 60.

03 / Results

60 supported. We checked each against the source, dropped 25 and list 35.

Of 343 companies, 60 were supported, 95 need review and 188 had counterevidence. Below are the 35: two each from food and household goods, materials and machinery, and software and services first, then the rest in the same order.

Calbee2229 · Foods

Domestic sales rose on price revisions and higher volume of snacks other than potato-based ones and cereals, while potato chip sales were flat after a poor Hokkaido potato harvest.Filing ↗A major snack maker. Potato chips were flat after a poor Hokkaido harvest, but after raising prices, volume of its other snacks and cereals grew.
Kao4452 · Chemicals

Consumer care sales rose 2.4% to ¥1.283 trillion, up 2.5% like-for-like: 1.7% from volume and 0.8% from price.Filing ↗A major maker of detergents and cosmetics. It splits consumer sales growth into volume and price, and volume grew more. Operating profit rose ¥21.3 billion to ¥133.1 billion.
Tokyo Printing Ink4635 · Chemicals

Sales rose ¥3.1 billion: ¥1.7 billion from higher volume and ¥1.4 billion from price revisions and a shift to higher-value products.Filing ↗A maker of printing inks and resin products. It splits its ¥3.1 billion sales gain into ¥1.7 billion from volume and ¥1.4 billion from price.
Toyota Motor7203 · Transportation Equipment

Its marketing efforts added ¥210 billion from vehicle volume and mix, and ¥335 billion from other efforts led by price revisions.Filing ↗Consolidated vehicle sales rose 2.5% to 9.595 million units. Among the drivers of operating profit, it lists ¥335 billion mainly from price revisions.
HENNGE4475 · Information & Communication

Price revisions for HENNGE One lifted gross margin 2.4 points to 86.5% despite higher infrastructure and development costs.Filing ↗A cloud security service provider. After raising prices, its client count rose 16.1% to 3,427 and its monthly churn fell to 0.33%.
Japan Animal Referral Medical Center6039 · Services

It raised prices in June 2025 to cover rising costs, and the number of cases still grew year on year.Filing ↗A referral hospital for animals. First visits rose 9.2% to 10,953, total cases 8.6% to 37,985, and surgeries 11.0% to 3,404.

Show the other 29

Prima Meat Packers2281 · Foods

While industry output kept falling, the company grew its sales volume and its market share rose again.Filing ↗A major ham and sausage maker. It raised prices in April 2025 for the seventh time since February 2022.
Toyo Suisan2875 · Foods

In Mexico, both cup and bag noodles sold well even after the April 2025 price revision.Filing ↗The maker of Maruchan instant noodles. It also raised prices in the U.S. in July 2025, and sales rose.
Ichimasa Kamaboko2904 · Foods

Sales rose on the price revision from March 2025 deliveries, and volume grew, led by its stick-type crab sticks.Filing ↗A fish cake maker. After raising prices, volume of its main crab sticks grew.
Kewpie2809 · Foods

Food service sales rose on higher prices from revisions and higher volume of egg products.Filing ↗A major mayonnaise maker. In food service, it raised prices and sold more egg products, though high egg prices cut that segment's profit.
Nisshin Seifun Group2002 · Foods

Operating profit in processed foods and yeast and biotech rose to ¥8.2 billion on higher shipments and price revisions.Filing ↗Japan's largest flour miller. In processed foods and yeast and biotech it shipped more and raised prices. It cut commercial flour prices after the government lowered wheat prices.
Nippn2001 · Foods

Restaurant sales rose on strong sales and price revisions.Filing ↗A flour and food maker. Its restaurant business raised prices and still sold well.
Sapporo Holdings2501 · Foods

Canned Sapporo Draft Black Label volume rose 7% and Yebisu 2%, so its domestic beer volume was 99% of the prior year, beating the market.Filing ↗A major brewer that raised prices in April. With total beer demand estimated at 96% of the prior year, Black Label can volume grew 7%.
Hokkaido Coca-Cola Bottling2573 · Foods

In Hokkaido, price revisions paid off and sales grew at supermarkets, restaurants and online, and vending machines beat the prior year despite an industry decline.Filing ↗A beverage bottler in Hokkaido. Sales rose 3.9% to ¥59.1 billion, and it raised list prices again from October 2025 shipments.
Ifuji Sangyo2924 · Foods

Sales rose on higher liquid egg volume, egg-linked prices and its own price revisions to cover rising costs.Filing ↗A liquid egg maker. After raising prices, its volume rose 2.1% to a record 66,660 tons.
Ishimitsu & Co.2750 · Wholesale

Coffee product sales rose on new customers and price revisions.Filing ↗A coffee and food trader. Roasted coffee volume rose from 17,079 to 17,880 tons.
Taisei Lamick Group4994 · Chemicals

In Japan, packaging film sales rose on steady volume and ongoing price revisions.Filing ↗A maker of packaging film and filling machines for liquids. Domestic machine unit sales also beat the prior year.
Dynapac3947 · Pulp & Paper

Profit rose on higher output, with productivity gains and price revisions absorbing higher labor, freight and material costs.Filing ↗A cardboard maker. While industry output fell to 99.3% of the prior year, its volume for processed foods rose to 100.5%.
JSP7942 · Chemicals

Operating profit rose ¥876 million, helped by ¥1.17 billion from higher volume and ¥860 million from price revisions mainly in Japan.Filing ↗A foamed plastics maker. It splits the profit drivers into ¥1.17 billion from volume and ¥860 million from price revisions, mainly in Japan.
Toli7971 · Chemicals

Profit rose on higher volume of vinyl flooring and wall coverings, lower costs, and list price revisions.Filing ↗A flooring and wall covering maker. Segment profit rose 17.8% to ¥5.16 billion.
Yotai Refractories5357 · Glass & Ceramics

Sales rose mainly on price revisions and more orders from glass, cement and nonferrous metal customers.Filing ↗A maker of refractories for furnaces. After raising prices, orders from glass, cement and nonferrous metal makers grew.
Sanyu5697 · Iron & Steel

Volume rose 1.6% and sales 4.6% to ¥25.6 billion.Filing ↗A maker of bright steel bars and cold heading wire. It fully passed through processing fee and product price revisions, and operating profit rose 32.6% to ¥887 million.
Katakura & Co-op Agri4031 · Chemicals

Fertilizer sales rose 4.4% to ¥35.2 billion on higher volume and price revisions in June and November.Filing ↗A fertilizer maker. It raised prices in June and November and sold more, though system costs and other items cut fertilizer profit 79%.
Harmonic Drive Systems6324 · Machinery

Facing higher material and labor costs, it raised product prices and launched a company-wide cost project.Filing ↗A maker of precision gears for robot joints. After raising prices, orders rose 16.2% to ¥61.6 billion on industrial robots and chip equipment.
Rakus3923 · Information & Communication

Its cloud business grew on steady new orders for Rakuraku Seisan and price revisions.Filing ↗The maker of the expense software Rakuraku Seisan. After raising prices, it kept adding new orders.
Fukui Computer Holdings9790 · Information & Communication

Its architecture software gained new customers and added licenses at existing ones, while price revisions lifted revenue per account.Filing ↗A maker of design software for building and civil engineering. After raising prices, it gained new customers and existing ones added licenses.
Celsys3663 · Information & Communication

With a major version update, it raised the price of the perpetual license by up to 8%.Filing ↗The maker of the drawing app CLIP STUDIO PAINT. Cumulative shipments rose 26.5% year on year to 59.57 million by December 2025.
rakumo4060 · Information & Communication

Clients rose by 79 to 2,552 and unique users by 6,000 to 579,000.Filing ↗A provider of cloud services for office productivity. It pressed ahead with price revisions and still added clients.
No.13562 · Wholesale

Contracts for its business support service rose from 5,070 to 5,188, and average revenue per customer from ¥12,400 to ¥14,400.Filing ↗A supplier of information security equipment and other products to small businesses. It revised the base fee of its membership support service, and both price per customer and contracts grew.
Waseda Academy4718 · Services

Despite a falling birthrate, enrollment rose 4.0% to 50,837, and with some price revisions, sales rose 7.4% to ¥37.7 billion.Filing ↗A cram school chain for elementary to high school students. It grew enrollment despite a falling birthrate and raised some prices.
Renaissance2378 · Services

New memberships recovered from June, and total members stayed above the prior year.Filing ↗A fitness club operator. It raised fitness and school membership fees in October, lifting revenue per member.
Maruchiyo Yamaokaya3399 · Retail

Customer traffic stayed strong all year, and same-store sales beat the prior year for the 46th straight month.Filing ↗The operator of the Yamaokaya ramen chain. It raised prices several times during the year, and traffic stayed strong.
Amaze6076 · Services

Hotel stays held up, a June price revision lifted spending per guest in the second half, and four new hotels opened; sales rose to ¥19.6 billion.Filing ↗A business hotel chain mainly in Kyushu. It raised prices in June, and hotel stays held up.
Japan Airport Terminal9706 · Real Estate

Other revenue rose on more passengers and price revisions at lounges and parking.Filing ↗The operator of Haneda Airport's terminals. It also raised the domestic passenger facility charge the previous April, and revenue grew with passenger numbers.
AIT9381 · Warehousing

It negotiated price revisions with some customers to pass on higher ocean freight and domestic trucking costs.Filing ↗An international logistics firm. Containers handled rose 3.2% to 256,851 TEU, and customs clearance orders 9.6% to 152,656.

Note: we dropped 25 supported companies. Their reports state that volume fell or customer traffic came under pressure, the price change was a government-set price or a surcharge, demand was pulled ahead of a price hike, only sales in yen rose with no figures on volume or customers, or the price hike and the volume growth were in different businesses.

View detailed results

These results are from October 18, 2026. Qualitative judgments use the filings available at that time, while quantitative screening uses the latest financial data.

04 / Takeaway

Price hikes are no longer unusual. What sets companies apart is whether they keep selling as much afterward.

Here are the inflation figures next to what Katana found by reading annual reports.

Item	Figure
Food and drink price hikes in 2026 (announced)	20,187 items
Average increase per hike	10%
Small firms' cost pass-through rate (March 2026)	54.2%
Companies mentioning price revisions in results	343
Of those, reporting their own price hikes this year	313
Restaurant spending per customer (2025)	104.3% of prior year
Restaurant customer counts (2025)	102.9% of prior year

Price hikes are no longer unusual. Of the 343 companies whose discussion of results mentions price revisions, 313 said they raised the prices of their own products or services during the year. They span not only food but materials such as chemicals, paper and glass, machinery, software and services.

In a survey by Japan's Small and Medium Enterprise Agency, small firms passed on 54.2% of their cost increases through prices: 55.7% for raw materials and 50.0% for labor. Many companies cannot cover rising costs even after raising prices, and if volume falls as well, profit takes a double hit. Teikoku Databank also notes that price hikes alone often fail to absorb higher costs and that food makers face a tough environment.

In restaurants, whether traffic holds after price hikes shows in industry statistics too. According to the Japan Food Service Association, restaurant sales rose 7.3% in 2025, driven by a 4.3% rise in spending per customer. Customer counts also rose 2.9%, but the association says higher prices are gradually capping traffic: take-out rice and conveyor-belt sushi (96.0%) and yakiniku (98.2%) drew fewer customers than a year earlier. It adds that companies that did not raise prices and relatively cheap fast food chains kept doing well.

The annual reports show the same picture. Of 21 restaurant operators that reported price hikes, 7 said their own customer counts fell or stalled, and 5 said they grew or held. Some say traffic stayed below the prior year after a price revision, while Yamaokaya raised prices several times and kept traffic strong. Kushikatsu Tanaka also grew customer counts to 113.1% of the prior year, helped by a new signature dish. Even in the same wave of price hikes, customer counts split company by company.

Teikoku Databank expects the wave of hikes to peak in October and drop to 1,469 items in November, but it also expects intermittent hikes to continue into 2027 on the Middle East situation and a weak yen. The longer price hikes go on, the more whether a company can keep volume after raising prices separates one company from another.

Your stock-picking, handed straight to AI.

Complex theses, your own selection rules. Katana narrows companies with its own metrics, and AI reads annual reports to judge qualitative conditions. The selection you used to do one company at a time, AI now runs across the Japanese market.

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