Japan’s government has decided to continue releasing its emergency rice reserves in regular portions to tackle the rising prices of rice. This decision comes after an earlier attempt to stabilize prices had limited success. The government will hold its third auction for rice reserves in the fourth week of April, offering 100,000 tons of rice to the market.
The auctions will continue at least once a month until the new harvest season begins. Agriculture Minister Taku Eto confirmed the plan on April 9, emphasizing that these efforts aim to stabilize the price of rice. He added that the government intends to ensure the rice reaches consumers quickly.
Minister Eto made the announcement after receiving instructions from Prime Minister Shigeru Ishiba. It follows the government’s initial two auctions of rice reserves, which failed to significantly reduce the price of rice. In March, the government sold 210,000 tons of rice to distributors, but retail prices remained high. By the end of March, the price of rice was more than double the cost from the same period last year.
Eto explained that the government intends to use the regular distribution of rice reserves to address the ongoing supply shortages in the market. The aim is to provide a steady supply of rice that will gradually help bring prices down. If necessary, the government will take further steps to ensure stability.
The decision to continue with the regular release of rice stocks came after the limited success of the earlier auctions. The government believes that this new approach will ensure a continuous supply of rice to distributors and retailers, making it easier for consumers to purchase rice at more reasonable prices. The minister acknowledged that it may take time for the market to adjust fully.
The minister also revealed plans to initiate talks with distributors, wholesalers, and retailers to explore additional measures. These discussions will focus on ways to lower the cost of rice at the consumer level. Eto pointed out that the government will work with industry stakeholders to find solutions that benefit consumers.
One of the key objectives of this measure is to ensure the availability of rice to consumers at an affordable price. Despite the auctions, retailers have continued to face challenges in keeping rice prices within reasonable limits. The government hopes that by continuing to release rice reserves, market conditions will improve.
The government is keenly aware that rice is a staple food in Japan. The high price of rice affects not only consumers but also the broader economy. By ensuring that rice is available at a stable price, the government hopes to prevent further inflation in food costs. As part of this effort, the government plans to monitor the market closely and make adjustments as needed.
There are also concerns about the impact of high rice prices on low-income households. Minister Eto expressed the government’s commitment to addressing these concerns and ensuring that all consumers have access to affordable rice. The release of government rice reserves is seen as one step toward fulfilling this promise.
Retailers have faced challenges in adjusting to the high prices, and the government recognizes the need for broader cooperation. By involving distributors and retailers in the discussions, Eto believes that a coordinated effort can help bring down the cost of rice more effectively.
As the government moves forward with its plan, the focus will be on ensuring the smooth distribution of rice and preventing any further price hikes. The regular release of rice reserves is expected to play a critical role in stabilizing the market in the coming months. The government remains committed to using all available tools to protect consumers from the impact of rising food costs.
