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Steam has nothing to do with how a price is set for a certain region/game.
They recommend some price range to the publisher for each region but its 100% up to them if they want to follow those suggestions or set their own price.
The only prices Steam is responsible for are games developed and published directly by VALVE .
Im not sure, but are Multimedia Products not "overpriced" (compared to other countries) in Japan in general?
And that is not something which only affects Steam, but other Stores/Products too.
https://steamdb.info/
has current and historical prices of all supported currencies for everything
compare a few dozen random games and draw a rational and factual conclusion. that will tell you that you pay in general less than USD price (which is also the only currency on Steam that does not include taxes)
This ^
But anyway, thanks for all the replies regarding publishers, I was not aware of this.
Of course @wuddih we can get bargains here, and some sales are great too, but it's frustrating to see the prices on newer games creep ever upwards, especially those triple A titles I want to try.
Oh well, it's wait a year or 2 as usual, it's like they are all epic store exclusives, which I'll never buy btw.