Rice price in Japan doubled
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.
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