Japan Begins to Take Bids in 2nd Auction of Reserve Rice
Japan’s agriculture ministry has launched the second round of its auction for government-stockpiled rice, aiming to stabilize rising prices. Of the 210,000 tons planned for release, 70,000 tons remain after the first auction. The auction covers 35 rice brands, with results to be announced later. Successful bidders will receive the rice from mid-April.
Tokyo -The Japanese agriculture ministry on Wednesday began to accept bids in the second round of its auction for government-stockpiled rice.
The focus is on whether the release of reserve rice will help curb soaring rice prices. The government plans to consider a further release if necessary.
The ministry decided in February to release 210,000 tons of government-stockpiled rice, of which 140,000 tons were sold in the initial auction. The latest auction covers the remaining 70,000 tons.
The ministry will announce at a later date the average of successful bids and other results of the latest auction.
A total of 35 rice brands have been put out to tender, including Haenuki from Yamagata Prefecture, Tennotsubu from Fukushima Prefecture and Koshihikari from Niigata Prefecture. The auctioned rice is expected to be handed over to successful bidders from mid-April.
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Source : Nippon.com
