Japan's Smokers Hoard Cartons Before 40% Tax Increase

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Sept. 30 (Bloomberg) -- Thousands of smokers across Japan are stocking up on cigarettes before Oct. 1 to beat a record 40 percent tax increase. Japan Tobacco Inc., the world’s third-largest publicly traded cigarette maker, which controls 65 percent of its home market, is raising prices on 103 of its 105 brands in October. Former Prime Minister Yukio Hatoyama proposed the tax increase last year to discourage smoking in a country where 36.6 percent of men and 12.1 percent of women smoke, according to Japan Tobacco. Bloomberg's Mike Firn reports. (Source: Bloomberg)

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