Bags of rice at half price will hit stores by early June, Koizumi says
The government will sell 200,000 tons of rice produced in 2022 and another 100,000 tons harvested in 2021 to retailers at ¥11,556 ($81) for a 60-kilogram bag of unpolished rice. With necessary costs added on, this will translate to around ¥2,160 for a 5-kg bag of rice at retailers, Koizumi said.
The government plans to shoulder the transportation costs for shipping the rice to retailers. It will also not buy new rice from the same seller that purchased the rice for its stockpile after a certain time period to make up for the loss, which is normally mandatory when the government releases such rice as it is set aside for emergencies such as natural disasters and extremely poor harvests.
Retailers applying for the no-bidding process must submit a sales plan. Those who then purchase the stockpiled rice must report to the ministry how much of it they sell on a weekly basis, and if they fail to appropriately sell the amount of rice outlined in their sales plan, they will be stripped of their right to purchase stockpiled rice and have their names publicized on the ministry's website.
Farm minister Shinjiro Koizumi speaks to reporters Friday after visiting a rice store in Tokyo's Koto Ward. |
JIJI
'We want to avoid retaining high rice prices and prevent consumers from shifting away from eating rice,' Koizumi said at a ministry event to establish a team of 40 bureaucrats to tackle the problem.
The ministry drastically shifted its policy for releasing stockpiled rice — from an auction system to one involving no-bid contracts after Koizumi replaced his predecessor, Taku Eto, who resigned over a rice gaffe.
Initially, stockpiled rice was auctioned off to the National Federation of Agricultural Co-operative Associations (Zen-Noh) with the goal of lowering prices by increasing supply. The plan didn't appear to work, however, with the weekly average of rice prices hitting a record ¥4,285 per 5 kg in the week through May 18. Supermarkets throughout the nation are also still experiencing shortages.
Immediately after Koizumi was appointed last Wednesday, Prime Minister Shigeru Ishiba instructed him to switch to no-bid contracts, which allow the government to sell rice at a price of its own discretion and decide who to sell to, unlike auctions, in which the staple goes to the highest bidder.
Online shopping mall operator Rakuten's CEO Hiroshi Mikitani, has already expressed his intention to sell stockpiled rice online when he met with Koizumi on Friday.
In a report released Monday, Takahide Kiuchi, executive economist at Nomura Research Institute, said the ministry's new method will likely help reduce rice prices to around ¥2,000 a bag. But he was unsure how many people will ultimately be able to benefit from the cost reduction.
Koizumi speaks at a ministry event in Tokyo on Monday. Immediately after being appointed farm minister last Wednesday, Koizumi was instructed to switch from an auction system for selling government-stockpiled rice to one involving no-bid contracts. |
JIJI
'It may turn out that only a small portion of consumers will be able to buy rice at around ¥2,000 if people go panic-buying,' Kiuchi said. 'If the stockpiled rice is sold out, many people might be forced to buy the high-priced rice once again.'
Kiuchi pointed out that the no-bid contract method is usually not recommended due to the opaque process involved, which could allow the government to sell rice at higher prices to sellers without disclosing it to the public.
'It's an exceptional measure,' he said. 'It shows how much pressure the government is under.'
Media polls conducted over the weekend show the public has high expectations for Koizumi and the policy shift.
A Kyodo News poll showed that 59.8% of the 1,064 respondents thought rice prices will fall with Koizumi's appointment. The same pole showed Ishiba's approval rating rising 4.3 percentage points on the week to 31.7%.
A Nikkei poll showed that Ishiba's approval rating inched up to 34%, with 65% of the respondents saying they have high hopes for Koizumi.
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