Latest news with #priceStabilization
Japan Times
2 days ago
- Business
- Japan Times
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.
NHK
23-05-2025
- Business
- NHK
Japan farm minister: Stockpiled rice may be sold in the 2,000 yen range per 5 kg
Japan's new agriculture minister, Koizumi Shinjiro, says he will take steps so rice from government stockpiles can be sold at retail stores from early June in the 2,000 yen range, or about 14 to 21 dollars, per 5 kilograms. The ministry is releasing the reserve rice through auctions starting in March in an effort to stabilize distribution and lower prices. But rice prices have continued to soar. Koizumi is planning to use no-bid contracts to sell the stockpiled rice instead of auctioning it off to the highest bidders. He has ordered his officials to cancel next week's auction. Koizumi said at a news conference on Friday that the plan is to sell the reserve rice through discretionary contracts, so that a 5-kilogram bag can be priced in the 2,000 yen range. The minister said the process of introducing discretionary contracts is expected to start next week. He said it is possible that reserve rice in this price range will be available on store shelves in early June. Koizumi also said that based on a survey at the end of April, the ministry estimates this year's rice production at 7.19 million tons, up 400,000 tons from last year. He said the acreage for this year's crop is 1.33 million hectares, the largest in the past five years.
