Japanese officials have raided the country's biggest beer makers over allegations they worked together to raise the price of their beverages.
Asahi and Kirin confirmed to the BBC their premises had been searched by the Japan Fair Trade Commission, adding that they would fully cooperate with the government authority.
There are reports Sapporo Breweries and Suntory Spirits were also raided. Both firms have been contacted for comment.
Asahi, Kirin and Sapporo all saw their share price fall after news of the investigation broke on Wednesday. Suntory is not publicly-listed.
According to the Japan Times, the investigation centres on the companies raising their prices in April last year and in October 2022.