Tokyo Taxi Prices Going Down

From the Monocle Minute newsletter:

Car-hailing services such as Uber are posing a threat to established taxi companies the world over. That’s why Nihon Kotsu – Tokyo’s largest taxi operator – had the idea of lowering the city’s standard starting fare from ¥730 (€6.25) for the first 1km to ¥410 (€3.50) for 2km. But in this tightly regulated sector, which is home to 342 businesses and a staggering 27,655 taxis, one firm can’t change fares on its own. Hoping that lower rates might entice more people to hop in a taxi, Nihon Kotsu approached Japan’s Ministry of Land, Infrastructure, Transport and Tourism to consider its proposal. Since then 265 taxi companies have come on board and the measure is expected to pass later this year.