Stores to get priority on gov't rice stockpiles to ease prices faster
The Japanese government pledged Friday to set aside a quota of its stockpiled rice for supermarkets and other retailers, in an effort to accelerate distribution and help consumers benefit from lower prices more quickly.
Of the 300,000 tons of reserve rice to be released over three months through July, 60 percent will be allocated to retailers. To encourage broader participation from distributors in the auctions, the buyback deadline will be extended from one year to five years.
The government has already auctioned 312,000 tons of rice in three tranches between March and April. The additional planned release of reserve rice through July will bring the total to 612,000 tons, equivalent to around 9 percent of annual domestic demand.
Distributors such as the National Federation of Agricultural Cooperative Associations will be required to coordinate with retailers to ensure the rice is sold in stores within around a month, effectively preventing the stockpiles from being diverted to food service businesses.
The national federation has purchased over 90 percent of the stockpiled rice so far.
© KYODO
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