Japan to release more stockpiled rice
Japan's agriculture minister said on Tuesday that the government plans to release more stockpiled rice to rein in soaring prices for the staple food.
Koizumi Shinjiro said the government will sell 200,000 tons harvested in 2020 and 2021 to retailers via no-bid contracts.
He said he expects rice from 2020 to be sold at around 1,700 yen, or roughly 12 dollars for 5 kilograms.
Koizumi told a news conference: "I think it is an unwelcome fact that soaring prices are causing consumers to turn their backs on rice, and that shop shelves are stacked with rice grown overseas. The government wants to send the message to the market once again that it will do everything it can."
After the latest sale, the national stockpile will hold 100,000 tons.
Koizumi says this is sufficient for any disaster, citing the 40,000 tons needed in the Great East Japan Earthquake, and 90 tons in the Kumamoto Earthquake.
The most recent data from the agriculture ministry shows rice prices at supermarkets fell for the second straight week in late May.
The average price of a 5-kilogram bag was 4,223 yen, or about 29 dollars, for the week through June 1, based on a survey of approximately 1,000 supermarkets nationwide.
The price, which includes tax, was down 0.9 percent from the previous week.
The survey did not include rice released from national stockpiles and sold under a new no-bid contract system.
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