Pity Japanese brewers. They preside over a shrinking market as society ages and hard-drinking salarymen give way to “herbivores”, the growing ranks of men who prefer shopping to boozing. Last year, Japanese in aggregate downed half as much of the amber nectar as they did a decade ago. In response, the three big brewers are introducing ever lighter malt drinks, going overseas and diversifying. Now Kirin Holdings, the second biggest, is looking inward and considering a merger with the 110-year old Suntory.

Consolidation makes sense: it is happening globally and, as with other industries, Japan simply has too many. But this is a screeching U-turn. It is just three years since the company set itself on a path of overseas expansion, with the aim of racking up annual revenues of $31bn – 30 per cent from overseas – by 2015. In line with that, Kirin has spent $9bn since 2007 to buy or expand holdings, largely in Australia and the Philippines. It is not far off track. Sales this year are expected to come in at $24bn and in the first quarter 26 per cent of consolidated sales came from outside Japan.