While Prime Minister Shinzo Abe's policies help manufacturers such as Toyota Motor Corp. rack up record profits, challenges to his reforms are showing up in a more mundane spot: the outlook for beer.
Brewers in Japan face an April sales tax increase, stagnant wages and an aging population, the same challenges Abe's monetary easing and stimulus spending must overcome to sustain a recovery.
Kirin Holdings Co., Japan's biggest beverage maker, and competitor Asahi Group Holdings Ltd. forecast 2014 net income that was at least 13 percent less than analysts estimated. Both blamed the sales tax set to rise to 8 percent from 5 percent, a sign that they lack confidence that "Abenomics" will offset plans to double the levy.
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