Japan Kamaboko Association Chairman Masahiro Shimomura issued a statement last week confirming the country's manufacturers of fish paste products will be forced to raise prices due to historically high surimi prices.

Over the past year, Japan’s currency has lost value against the US dollar and other currencies as the Federal Reserve has raised interest rates while the Bank of Japan has kept its key interest rate at minus 0.1 percent.

In turn, the country's trade deficit has surged as the weaker yen has pushed the costs of imports higher.