Japan preparing to use rice reserves amid soaring prices
Japan will release its rice reserves for the first time to address distribution shortages amid soaring prices. The government will sell rice to cooperatives with a buyback condition. Officials plan to revise pricing guidelines soon. Current reserves total 910,000 tons. The average price of brown rice has hit a record high of 23,715 yen per 60 kg.
Japan’s farm minister on Friday said the government plans to release its stockpiled rice for the first time to alleviate distribution shortages as the price of the crop has soared since the summer of last year.
The government will sell the rice to cooperatives, such as the National Federation of Agricultural Cooperative Associations, on condition that the government can buy it back in the future, according to farm minister Taku Eto.
“We have an obligation to supply food to consumers stably,” Eto said during a press conference.
The government plans on revising its guidelines on stabilizing rice prices after discussions at a farm ministry council meeting slated for Jan 31. As of the end of June, the government has reserves totaling 910,000 tons.
Given the law stipulates that stockpiled rice can be used when production of the crop falls sharply, the Ministry of Agriculture, Forestry and Fisheries was previously cautious about releasing it, but it determined that the reserves could be used on the condition that the rice is bought back.
The average price of brown rice produced in 2024 and sold to wholesalers by suppliers hit 23,715 yen per 60 kilograms, a record high since comparable data became available in 1990.
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Source : Japan Today
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