Uniqlo scrapped plans to raise the price of its popular 290-yen ($1.84) socks, highlighting the challenges facing Japanese retailers as persistent inflation squeezes household budgets. According to Sina Finance, the company had announced earlier this month that it would raise clothing prices because of higher raw-material costs, including a 100-yen ($0.63) increase for socks, and end discounts on purchases of three or more pairs. A Fast Retailing spokesperson said the company reconsidered the planned price adjustment in Japan because socks are an everyday necessity.