Japan aims to slash stockpiled rice prices to 2,000 yen per 5kg, farm ministry says
TOKYO, May 26 (Reuters) - Japan aims to drastically cut stockpiled rice prices to 2,000 yen ($14) per 5 kg and speed up getting rice onto shop shelves as consumers suffer from sky-high staple grain costs, the farm ministry said on Monday.
Surging rice prices, due in part to crop damage from extreme heat and increasing demand from tourism, are a serious concern for Prime Minister Shigeru Ishiba's government with its public approval rating stuck around a record low ahead of an upper house election in July.
The government will sell 300,000 metric tons of stockpiled rice via discretionary contracts to retailers, the farm ministry said, after new Agriculture Minister Shinjiro Koizumi pledged last week to quickly move rice to store.
To help bring down the prices, the government will also cover transportation costs so that stockpiled rice will be on retail shelves in early June at around 2,000 yen, which would be about half the average rice price at supermarkets.
Japan will consider selling stockpiled rice beyond retailers depending on the situation.
On Friday, Koizumi met with Rakuten Group CEO Hiroshi Mikitani, who said the online retail giant was prepared to support the government's efforts.
The government's stockpiling policy requires it to purchase the same amount released at a later date, but the nation decided not to buy back as the repurchase system could keep prices higher.
In March, the government released stockpiled rice through two auctions for 210,000 metric tons to ease soaring rice prices.
But only about 7.0% reached retailers as of late April because the distribution system was multi-layered and time-consuming .
($1 = 142.3200 yen)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
an hour ago
- Times
China surpasses German engineering with world's tallest wind turbine
Other countries compete to build the tallest skyscraper, or the biggest Ferris wheel. China and Germany are more serious about their engineering: they compete for the prize of having the biggest wind turbine. One of China's two leading wind turbine companies, Dongfang Electric, announced on Friday it had completed a key test on the latest machine that, when it goes into service shortly, will break that record. Standing 340 metres from its base in the Pacific, off the coast of the country's Fujian province, to the tip of its blades when they rotate to their highest points, it will be the first wind turbine to be taller than the Eiffel Tower. Dongfang — meaning the East — said it had finished load testing a prototype blade for the turbine, itself 150 metres long. 'We're harnessing the power of tech to plant the seeds of a greener future,' it said in celebration. 'Every blade carries a low-carbon dream, ready to catch the wind and grow strong.' China under President Xi has put huge economic weight on not only an ever-expanding industrial base but also being at the forefront of green technologies. With no room for political opposition, and a heavy continuing reliance nationally on coal and other fossil fuels at the same time, there is little of the public debate around wind power that western European companies have faced. China already makes more than 80 per cent of the world's solar panels. Its low cost base — unfairly subsidised, according to western rivals — is also undercutting and starting to dominate American and European production in wind power too. A worker at the Dongfang factory operates a robotic arm At present the wind turbine claimed to be the world's highest was constructed by another Chinese company, Mingyang, and operates off the southern Chinese island of Hainan. Its hub is at the same height as Dongfang's — 185 metres off the ground — but its blades are a few metres shorter. A similarly sized turbine is already operating at the site to which the Dongfang blades are believed to be heading, the Fujian Fuzhou Offshore Wind Power Industrial Park. Its maximum capacity is 18MW of electricity, and the Hainan turbine is 20MW, which the new turbine will surpass by 6MW. According to estimates, that will be enough at average 10 metres per second windspeeds to power 55,000 homes on its own. Britain's tallest wind turbines — at the Longhill Burn Wind Farm in West Lothian, Scotland — stand up to 150m tall. The blades reach as high as 200m. How long any of these three monsters maintain their dominance is unclear. As Germany tries to reclaim its traditional global leadership in engineering — and tries to stave off Chinese competition — its companies are also building higher. A turbine being designed and built by Gicon, a German conglomerate, will stand at 363 metres from toe to the tip of the vertical blade. It, however, is based on a novel design, in which smaller blades rotate from a 300-metre high lattice structure itself influenced by the design of the Eiffel Tower. It will, however, be the second highest man-made object in Germany, after the Berlin TV Tower.
Coin Geek
3 hours ago
- Coin Geek
Bitcoin mining trends in May 2025: Global surge amid innovation
Getting your Trinity Audio player ready... As of May 2025, Bitcoin mining is experiencing a transformative phase driven by technological advancements, regulatory shifts, and evolving economic dynamics. With BTC's price soaring past $110,000, the industry is witnessing a global 'digital gold rush' as nations and companies capitalize on the digital currency's bullish momentum. From Pakistan's bold energy allocation to cutting-edge hardware innovations and shifting profitability landscapes, recent news highlights a rapidly evolving sector navigating opportunities and headwinds. This article explores the key trends shaping Bitcoin mining in May 2025, reflecting a mix of strategic national policies, technological breakthroughs, and market challenges. One of the most significant developments is Pakistan's ambitious move to allocate 2,000 megawatts (MW) of surplus electricity to BTC mining and AI data centers, announced at the BTC Vegas 2025 conference. This initiative, led by the Pakistan Crypto Council and Finance Minister Muhammad Aurangzeb, aims to transform the country's underutilized energy capacity—particularly from coal-fired plants operating at 15% capacity—into a revenue-generating asset. Estimates suggest this could yield 17,000 BTC annually, worth approximately $1.8 billion at current prices. Pakistan's strategy includes creating a national BTC reserve and establishing the Pakistan Digital Assets Authority to regulate the sector, positioning the country as a potential hub for digital currency and high-tech industries. However, the International Monetary Fund (IMF) has raised concerns about this allocation amid Pakistan's energy shortages, highlighting the tension between economic innovation and domestic needs. Technological advancements are also reshaping the mining landscape. Bitmain unveiled the Antminer S23 Hydro at the World Digital Mining Summit, boasting an energy efficiency of 9.7 joules per terahash (J/TH), a significant leap from the 1,200 J/TH of 2013 models. Set for release in Q1 2026, this rig reflects a broader trend toward energy-efficient hardware as miners face tighter margins post the 2024 Bitcoin halving, which slashed block rewards. The focus on efficiency is critical, as rising network hash rates—up 6.7% in April 2025—have driven a 6.6% drop in mining profitability. Miners are increasingly replacing older rigs rather than expanding fleets, aiming to survive squeezed margins in a competitive market where hashprice remains below pre-halving levels of $100/PH/s. Regulatory tailwinds fuel optimism, particularly in the United States, which dominates global BTC mining with over 36% of the hash rate. Pro-crypto policies, including Texas's push for a state-run Bitcoin reserve, create a favorable environment. The U.S. has seen persistent demand for BTC through spot exchange-traded funds (ETFs), with $3.3 billion in net inflows in May alone. However, not all news is positive: BlackRock's spot Bitcoin ETF recorded its largest outflow day on May 30, with $430.8 million withdrawn, ending a 31-day inflow streak. This volatility underscores the market's sensitivity to macroeconomic factors, such as rising U.S. Treasury yields and trade tensions with China. Globally, other nations are joining the mining race. Ecuador hosted its first Bitcoin mining event in Guayaquil, signaling a growing interest in Latin America. Meanwhile, countries like Kazakhstan, Japan, Malaysia, and Bhutan continue to embrace legal mining to bolster their economies. The global hash rate is climbing, reflecting increased competition, but this also raises environmental concerns. A recent analysis suggests AI data centers could surpass Bitcoin mining in energy consumption by year-end, potentially consuming as much power as a country like the U.K. This has sparked debates about sustainability, with environmental advocates pushing for greener blockchain solutions. However, miners resist abandoning existing hardware investments. Home mining is also making a comeback, driven by falling energy prices in key U.S. states, cheaper ASICs, and regulatory clarity from frameworks like the EU's MiCA. Platforms like BCC Mining have launched mobile apps offering 'free cloud mining' for BTC, Litecoin, and Dogecoin, lowering barriers for retail miners. However, the profitability squeeze and high initial costs remain hurdles for small-scale operations. Market sentiment remains bullish, with analysts predicting BTC could reach $200,000 to $330,000 by year-end, driven by institutional adoption and post-halving scarcity. U.S. public companies now hold $349 billion in BTC, a 31% increase since January, while ETF inflows outpace mined coins (26,700 BTC bought vs. 7,200 mined in May). Yet, challenges persist: fraud attempts surged 200% in Q1 2025, and miners face delays and tighter margins. Smart miners are shifting to flexible, hosting-first strategies to adapt. As Bitcoin mining evolves, it balances innovation with economic and environmental challenges. Nations like Pakistan are betting on crypto to drive economic growth while technological advancements and regulatory shifts create new opportunities. However, rising hash rates, profitability pressures, and sustainability concerns highlight the need for strategic adaptation. The industry's trajectory in 2025 will depend on navigating these complexities while capitalizing on Bitcoin's unprecedented market momentum. Watch: Bitcoin mining in 2025: Is it still worth it? title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Daily Mirror
3 hours ago
- Daily Mirror
Japanese rover smashes into moon in fresh disaster for embattled space company
Japanese company ispace has declared a second failure in a bid for its lunar lander to touchdown on the moon after communication was lost less than two minutes before the scheduled grounding A lunar lander from a Japanese company crashed while attempting a touchdown on the moon in the latest casualty in the commercial rush to the moon and the second failure for the same company. The Tokyo-based company ispace declared the mission a failure several hours after communication was lost with the lander. Flight controllers scrambled to gain contact, but were met with only silence and said they were concluding the mission. Communications ceased less than two minutes before the spacecraft's scheduled landing on the moon with a mini rover. Until then, the descent from lunar orbit seemed to be going well. CEO and founder Takeshi Hakamada apologized to everyone who contributed to the mission, the second lunar strikeout for ispace. Two years ago, the company's first moonshot ended in a crash landing, giving rise to the name 'Resilience' for its successor lander. Resilience carried a rover with a shovel to gather lunar dirt as well as a Swedish artist's toy-size red house for placement on the moon's dusty surface. Company officials said it was too soon to know whether the same problem doomed both missions. This is the second time that we were not able to land. So we really have to take it very seriously,' Hakamada told reporters. He stressed that the company would press ahead with more lunar missions. A preliminary analysis indicates the laser system for measuring the altitude did not work as planned, and the lander descended too fast, officials said. 'Based on these circumstances, it is currently assumed that the lander likely performed a hard landing on the lunar surface,' the company said in a written statement. Moon missions had previously been the preserve of governments but it became a target of private outfits in 2019, with more flops than wins along the way. Launched in January from Florida on a long, roundabout journey, Resilience entered lunar orbit last month. It shared a SpaceX ride with Firefly Aerospace's Blue Ghost, which reached the moon faster and became the first private entity to successfully land there in March. Another US company, Intuitive Machines, arrived at the moon a few days after Firefly. But the tall, spindly lander face-planted in a crater near the moon's south pole and was declared dead within hours. Resilience was targeting the top of the moon, a less treacherous place than the shadowy bottom. The ispace team chose a flat area with few boulders in Mare Frigoris or Sea of Cold, a long and narrow region full of craters and ancient lava flows that stretches across the near side's northern tier. Plans had called for the 7.5-feet Resilience to beam back pictures within hours and for the lander to lower the piggybacking rover onto the lunar surface this weekend. Made of carbon fibre-reinforced plastic with four wheels, ispace's European-built rover — named Tenacious — sported a high-definition camera to scout out the area and a shovel to scoop up some lunar dirt for NASA. The rover, weighing just 5kgs, was going to stick close to the lander, going in circles at a speed of less than two centimetres per second. It was capable of venturing up to two-thirds of a mile from the lander and should be operational throughout the two-week mission, the period of daylight. Besides science and tech experiments, there was an artistic touch. The rover held a tiny, Swedish-style red cottage with white trim and a green door, dubbed the Moonhouse by creator Mikael Genberg, for placement on the lunar surface. Minutes before the attempted landing, Hakamada assured everyone that ispace had learned from its first failed mission. 'Engineers did everything they possibly could' to ensure success this time, he said. He considered the latest moonshot 'merely a steppingstone' to its bigger lander launching by 2027 with NASA involvement. Ispace, like other businesses, does not have 'infinite funds' and cannot afford repeated failures, Jeremy Fix, chief engineer for ispace's US subsidiary, said at a conference last month. While not divulging the cost of the current mission, company officials said it's less than the first one which exceeded £74million. Two other US companies are aiming for moon landings by year's end: Jeff Bezos' Blue Origin and Astrobotic Technology. Astrobotic's first lunar lander missed the moon altogether in 2024 and came crashing back through Earth's atmosphere. For decades, governments competed to get to the moon. Only five countries have pulled off successful robotic lunar landings: Russia, the US, China, India and Japan. Of those, only the US has landed people on the moon: 12 NASA astronauts from 1969 through 1972. NASA expects to send four astronauts around the moon next year. That would be followed a year or more later by the first lunar landing by a crew in more than a half-century, with SpaceX's Starship providing the lift from lunar orbit all the way down to the surface. China also has moon landing plans for its own astronauts by 2030.
