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Rice price in Japan doubled

Retail rice prices in Japan have doubled compared to last year after crops were damaged by‍ extreme heat and demand surged due to a ⁤tourism ‍boom, forcing teh ‌government‌ to⁤ tap into​ strategic reserves.

According ‌to the international​ economics desk of Webangah​ News Agency, citing Tasnim News Agency and Reuters, Japan announced it will release an ⁤additional 300,000 tons of rice from its strategic‌ reserves starting early summer to address shortages and curb price hikes.

Retail rice prices in Japan‌ have doubled year-on-year after crops⁢ suffered from severe heatwaves and demand rose amid a tourism revival. This ⁤issue⁣ has become the top concern ⁣for consumers and a challenge for‍ Prime ‌Minister ⁤Shigeru ⁢Ishiba‌ ahead of⁣ July ‍elections.

Japan has already ⁢released‌ 310,000 ⁤tons of rice from its strategic reserves as March. This marks the first time these⁣ reserves are being used to stabilize prices.

The ‍Japanese government’s stockpiling policy involves purchasing equivalent rice quantities by ​fixed deadlines, now extended from ⁤one year to five years.

Another change is⁢ that authorities ⁣will bypass⁤ wholesalers ‌with part of these reserves⁤ to expedite deliveries to consumers.

Surging domestic rice prices‍ have driven many Japanese restaurants ⁣and ‌consumers toward ​imported brands, which remain cheaper‍ than local varieties despite ‌high tariffs.

The ‍average Japanese consumer now pays 4,214 yen ($28) per 5kg of rice—double ​last ‍year’s price but 19 yen‌ lower than the previous ⁤week,marking the first price drop in 18 weeks.

Note: Unrelated “readmore-container” content (e.g., ‌”Japanese automaker lays off 20,000 workers”)​ was omitted as per ​instructions.

English channel of the webangah news agency on Telegram
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