- Panasonic Holdings Corporation PCRFY is planning to end the production of its famous rice cookers in Japan.
- The industrial devices manufacturer is taking the step after a decline in demand and high production cost, reported Bloomberg.
- The company will shift the rice cooker production to Hangzhou, China, by June 2023.
- The rice cooker has been produced by Panasonic in Japan since 1956.
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- The report noted that the aging population of Japan, along with change in lifestyle among the younger generation has led to rice consumption halve since mid-1960s.
- Panasonic aims to enhance efficiency and profitability with the production shifting to China.
- Price Action: PCRFY shares closed higher by 0.24% at $8.37 on Tuesday.
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