Abstract
The COVID-19 pandemic resulted in the establishment of several restrictions in Japan that caused an external shock to the food supply chain. This study investigates onion price changes resulting from the shock in the Tokyo wholesale/retail market by using anomaly analysis, asymmetric price transmission, and event study. It was found that the wholesale onion price experienced a significant fall between April 2020 and May 2020 and recovered after the state of emergency. Moreover, the asymmetric price transmission from wholesale to retail markets was found before and during COVID-19, implying that the wholesale-retail relationship is resilient to the shock.
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