Japan to sell rice from government reserves until summer to stabilize prices

The Japanese government will continue selling rice from the state strategic reserve to provide for consumers and stabilize prices for this product, which is the basis of the local population’s diet. This statement was made by the Secretary General of the Japanese Government Yoshimasa Hayashi.

“Prime Minister Shigeru Ishiba has instructed to sell rice from state reserves on a monthly basis until the summer,” he said. According to Hayashi, the next, third batch of 100 thousand tons will go into circulation after April 21.

The price of rice in Japan has been consistently rising throughout 2024 amid a poor harvest, caused, in particular, by a series of natural disasters and abnormal heat. Local observers cite the increase in the number of tourists as another factor, which leads to increased demand.

In order to bring down prices on the market, the country’s government decided last month to begin selling off strategic rice reserves. The first batch of 150,000 tons was auctioned from March 10 to 12. Despite this, the year-on-year growth rate of retail rice prices in Tokyo, which roughly reflects the nationwide rate, was 89.6% in March.

Tags: rice, Japan