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Japan's Rice Reserve Release A Solution to Soaring Prices The text is about Japan releasing its rice reserves in response to rising prices caused by supply chain issues.
Japan's Rice Reserve Release A Solution to Soaring Prices The text is about Japan releasing its rice reserves in response to rising prices caused by supply chain issues.
Japan's Rice Reserve Release A Solution to Soaring Prices?
The Japanese government has announced plans to release its stockpile of rice, reserved for emergency use, in response to soaring prices caused by disruptions in distribution. This marks the first time the government will tap into the country's cherished staple food reserves due to ongoing issues with supply and demand.
Agriculture Minister Taku Eto has stated that 210,000 tons of rice will be released from Japan's 1 million-ton stockpile to improve the situation of stagnant distribution at all costs. The decision comes as the price of rice continues to surge after a shortage triggered by extreme hot weather last summer sent demand into overdrive.
The government had hoped that the price would stabilize when newly harvested rice hit the shelves in autumn, but the increase continued. The latest average retail price for a 5-kilogram bag was 3,688 yen ($24), according to a government survey in February, up from 2,023 yen last year.
In an unprecedented move, the agriculture ministry decided last month to allow the sale of the government's stockpile of rice under a new rule. Previously, stockpiled rice could only be released in the event of a serious crop failure or disaster, but a change in regulations allows a release when rice distribution is deemed stagnant.
The ministry must buy back the same amount of rice from distributors within a year to maintain a consistent supply of this staple food. This strategic move aims to address the challenges facing the Japanese agriculture industry and ensure that consumers have access to affordable and reliable supplies of rice.
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