In response to the sluggish economy and appreciation of the Japanese yen, foreign luxury brands were lowering their prices. Louis Vitton and Christian Dior had lowered their prices the week before Christmas in 2008. Louis Vuitton had made a seven per cent price reduction on leather goods, accessories, ready-to-wear, shoes, watches and jewelry. The decrease in prices was justified by "a policy of offering its products at appropriate prices." This policy relied on the exchange rate fluctuation, manufacturing costs and quality considerations as the yen had strengthened against the euro in 2008.