2 days ago
Japan to move up auctions for imported rice
The Japanese government will move forward the first round of annual auctions for rice imported under a minimum market access agreement as part of efforts to stabilize rice prices, agriculture minister Shinjiro Koizumi said Thursday.
This year's first auction for rice as staple food will take place on June 27 instead of the usual September, Koizumi told reporters, adding that delivery would be possible in September.
Japan imports up to 100,000 tons of rice as staple food under the minimum access agreement, which is sold through several batches of auctions.
The June auction is expected to cover 30,000 tons, with additional auctions scheduled monthly, ahead of the usual timeline.
Higher rice prices have become a serious concern for consumers and policymakers ahead of key elections in Tokyo and the Upper House in the parliament.
The government has been releasing rice from its emergency stockpile in an effort to stabilize prices, and consumers have been standing in long queues to buy it at less than half the average supermarket price.
About 800,000 metric tons out of the 900,000-ton stockpile has already been earmarked for sale by August, and Koizumi had said the government would utilize imports if needed to keep supplying the grain to the market.
