TOKYO—Japan will sell more rice from its emergency stockpile through July in an attempt to stabilise soaring prices, the agricultural minister said Wednesday.
After rice prices nearly doubled year-on-year, the government began auctioning its stockpile last month — the first time since it was started in 1995.
“In order to stabilise rice prices that have soared, the government will sell off its reserve rice every month until this summer” when newly harvested rice enters the market, agricultural minister Taku Eto said.
The shortages have been driven by factors including poor harvests due to hot weather in 2023 and panic-buying prompted by a “megaquake” warning last year.
Record numbers of tourists have also been blamed for a rise in consumption.
And some businesses are thought to be keeping their inventories and waiting for the most opportune time to sell.
The government has so far released around 210,000 tonS of rice. The next auction of 100,000 tons will take place in the week of April 21. AFP