Japanese Farm Minister Taki Eto resigns after saying he never had to buy rice
Eto wrote on his website that he submitted his resignation to Japanese Prime Minister Shigeru Ishiba, who accepted.
"My remarks were extremely inappropriate at a time when the public is suffering greatly from the rising prices of rice, and for that I offer my sincere apologies," Eto.
Eto made the comments Sunday a weekend fundraising event, where during a speech he said he had never bought rice, as he receives so much from his supporters.
"I have enough rice at home I could open up a store and sell it," he said.
He later said the comment was made in jest, but retracted it and admitted that the joke was "too far."
The U.S. Department of Agriculture's Foreign Agricultural Service reported in March that rice "prices have continued to spike and are almost 80% higher in January 2025 than one year ago."
The Farm Ministry responded to the price of rice with the release of 300,000 tons of reserved rice through July. The government had already released 321,000 tons of rice between March and April as rice prices have risen dramatically in 2025.
Ishiba reportedly chastised Eto on Monday, but on Tuesday the Constitutional Democratic Party of Japan made an agreement with four other opposition parties to insist Eto resign, and to together submit a no-confidence motion against him.
Representative Yoshihiko Noda, leader of the CDP, said Wednesday that Eto's comments "showed no consideration for the people's lives, who are suffering as rice prices soar, and they rubbed the public the wrong way," and that Eto in his opinion "shows no sense of crisis about the current situation," and is "not fit to be a minister."
Copyright 2025 UPI News Corporation. All Rights Reserved.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
4 minutes ago
- CNBC
Japan core inflation dips to lowest since March as rice price shock shows signs of fading
Japan's core inflation rate cooled to 3.1% in July, coming down from 3.3% the month figure — which strips out costs for fresh food — was higher than the 3% expected by economists polled by inflation in the country also dropped to 3.1%%, coming down from 3.3% in June. The so-called "core-core" inflation rate, which strips out prices of both fresh food and energy and is closely monitored by the BOJ, held steady at 3.4%. Rice inflation eased to 90.7% in July, following two months of inflation surging past the 100% mark. Rice prices have shown signs of easing after a rice shortage and skyrocketing rice prices dominated headlines in the country earlier this year, with data from Japan's agricultural ministry showing that the average bag of five-kilogram rice in supermarkets was being sold for 3,737 Japanese yen ($25.34) for the week of Aug. 4. At its highest, rice was retailing at an average of 4,285 yen per five-kilogram bag, while premium rice brands reached 4,469 yen. Japan's central bank had upgraded its inflation forecasts in its economic outlook report released on July 31, saying that core inflation would come in at 2.7% for its 2025 fiscal year — ending March 2026 — up from its previous forecast of 2.2%. "Core-core" inflation expectations were raised to 2.8% from 2.3%. The inflation figure comes after Japan's economy grew a better-than-expected 0.3% in the second quarter from the previous three months, mainly supported by net exports. However, Japan's trade saw sluggish numbers in July, with exports falling at its sharpest pace in over four years as shipments to its two largest markets — the United States and China — declined. Japan reached a deal with Washington on July 22 that saw its so-called "reciprocal tariff" lowered to 15% from the 25% threatened by U.S. President Donald Trump earlier that month.

Business Insider
2 hours ago
- Business Insider
Kenya secures $169m Samurai loan from Japan to support automotive and energy sectors
Japan will extend up to 25 billion yen ($169 million) in Samurai financing to Kenya to support the country's vehicle assembly and energy sectors. Japan will provide Kenya with 25 billion yen in Samurai financing to support vehicle assembly and the energy sectors. The announcement was made during TICAD 9, attended by Kenyan and Japanese high-ranking officials. This initiative aims to enhance Kenya's vehicle assembly and mitigate electricity distribution losses. Kenya is exploring various funding strategies, including currency swaps and sustainability-linked bonds. Japan will extend up to 25 billion yen ($169 million) in Samurai financing to Kenya to support the country's vehicle assembly and energy sectors. The deal was signed by Kenyan Foreign Affairs Minister Musalia Mudavadi and Nippon Export and Investment Insurance (NEXI) CEO Atsuo Kuroda, according to Reuters. "This facility will strengthen our local vehicle assembly and parts manufacturing industry while also addressing electricity transmission and distribution losses, currently standing at about 23% of our national output," Mudavadi said in a post on X. The agreement comes as Kenya negotiates a separate term sheet with China to convert part of its dollar-denominated debt into yuan and extend repayment terms, a move aimed at easing sovereign borrowing costs. The country currently spends about $1 billion annually servicing obligations to China, its largest bilateral creditor. As East Africa's biggest economy, Kenya is widening its funding options at a time of volatile global markets and elevated U.S. interest rates. Kenya explores diverse financing On the sidelines of TICAD, Raphael Otieno, director-general of debt management at Kenya's finance ministry, said Nairobi's strategy is shifting away from short-term refinancing risks toward reducing expensive debt. Kenya is weighing sustainability-linked bonds with guarantees, yen-denominated Samurai bonds, renminbi-denominated Panda bonds, and debt swaps. The Treasury has also prepaid some domestic bonds and plans more such operations.
Yahoo
2 hours ago
- Yahoo
Dollar Falls as Trump Calls for Fed Governor Cook to Resign
The dollar index (DXY00) today is down by -0.12%. The dollar fell from a 1-week high today and turned lower on political risks and concerns about Fed independence after President Trump called for Fed Governor Lisa Cook to resign amid a probe into two personal mortgages. FHFA Director Pulte wrote a letter to Attorney General Bondi suggesting Ms. Cook may have committed a criminal offense by allegedly falsifying bank documents and property records to acquire more favorable loan terms. The dollar initially moved higher today after EUR/USD fell to a 1-week low when ECB President Lagarde said she sees slower growth in the Eurozone. The weakness in stocks today has also boosted some liquidity demand for the dollar. In addition, the dollar has support due to speculation that last week's stronger-than-expected July PPI report could keep the Fed from cutting interest rates at next month's FOMC meeting, as expectations for a -25 bp Fed rate cut in September fell to 84% area from 93% before the report. More News from Barchart Dollar Recovers as Stocks Falter Signs of Peace Progress in Ukraine Boosts the Euro and Weighs on the Dollar What Will Powell Reveal About Interest Rate Cuts on August 22? And How Will Markets React? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 84% at the September 16-17 FOMC meeting and at 55% for a second -25 bp rate cut at the following meeting on October 28-29. EUR/USD (^EURUSD) today is up by +0.09%. The euro recovered from a 1-week low today and turned higher after the dollar retreated when President Trump said Fed Governor Lisa Cook "must resign" now due to allegations of mortgage fraud. The euro initially moved lower today on comments from ECB President Lagarde, who said the Eurozone economy is likely to see slower growth this quarter, with questions over global trade remaining despite recent trade deals with the US reducing uncertainty. President Trump is pushing for a summit between Presidents Putin and Zelenskiy soon, and European leaders are discussing a plan to send British and French troops to Ukraine as part of a peace agreement. The outcome could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security. Swaps are pricing in a 7% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) today is down by -0.35%. The yen is climbing today due to weakness in the dollar. Also, higher Japanese government bond yields have strengthened the yen's interest rate differentials and boosted the yen after the 10-year JGB bond yield rose to a 16-year high today of 1.621%. In addition, lower T-note yields on Tuesday were supportive of the yen. Today's Japanese economic news was mixed for the yen as Jun core machine orders unexpectedly increased, but July exports posted their largest decline in almost 4.5 years. Japanese trade news was mixed as Jul exports fell -2.6% y/y, weaker than expectations of -2.1% y/y and the largest decline in almost 4.5 years. However, Jul imports fell -7.5% y/y, a smaller decline than expectations of -10.0% y/y. Japan Jun core machine orders unexpectedly rose +3.0% m/m, stronger than expectations of a decline of -0.5% m/m. December gold (GCZ25) today is up +27.30 (+0.81%), and September silver (SIU25) is up +0.378 (+1.01%). Precious metal prices recovered from early losses today and moved higher due to a weaker dollar and lower T-note yields. Also, an increase in US political uncertainty and concerns about Fed independence has boosted safe-haven demand for precious metals after President Trump called for Fed Governor Lisa Cook to resign amid allegations of mortgage fraud. Gold continues to have safe-haven support related to US tariffs and geopolitical risks, including the conflicts in Ukraine and the Middle East. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a 2-year high last Friday, and silver holdings in ETFs reached a 3-year high on Tuesday. Precious metals initially moved lower today as signs of progress in peace talks over Ukraine have curbed some safe-haven demand. Also, today's hawkish UK July CPI report may keep the BOE from cutting interest rates and is bearish for precious metals. Silver prices were undercut today due to concerns over industrial metal demand after ECB President Lagarde said the Eurozone economy is likely to see slower growth this quarter. UK Jul CPI rose +3.8% y/y, stronger than expectations of +3.7% y/y and the fastest pace of increase in 1.5 years. Jul core CPI also rose +3.8% y/y, stronger than expectations of +3.7% y/y. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on