logo
#

Latest news with #distributors

Japan to ease 1-year buyback rule for stockpiled rice
Japan to ease 1-year buyback rule for stockpiled rice

Japan Times

time16-05-2025

  • Business
  • Japan Times

Japan to ease 1-year buyback rule for stockpiled rice

The agriculture ministry Thursday decided to ease a key bidding rule for government-stockpiled rice that requires a buyback within a year, in a bid to promote the circulation of such rice in the market. The government has held three auctions to sell stockpiled rice in the hopes of curbing soaring prices. But the average retail price is still more than double that a year earlier. Under the current rules, the government will buy back the same quality and quantity of rice sold to the buyers within a year. Due to the small window, distributors are said to be refraining from releasing rice into the market as they expect prices to remain high. By extending the limit to five years, the government aims to secure a bigger pool of bidders, officials said. The government has released 312,296 tons of stockpiled rice over three auctions. It plans to release 100,000 tons per month in auctions between May and July.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store