2 days ago
Japan kicks off next round of stockpiled rice sales
Japan's government started accepting applications for the next round of sales of stockpiled rice on Wednesday. The program was introduced to boost supply after rice prices in supermarkets doubled in a year.
Agriculture minister Koizumi Shinjiro says the ministry received applications from about 30 buyers in the first hour of sales.
Koizumi on the previous day announced that a total of 200,000 tons of the staple grain will be released. Half of that is available from Wednesday under no-bid contracts, along with 20,000 tons remaining from a previous round. Once all of that batch is sold, the remainder will be made available.
Most retailers can submit applications, as well as rice distribution outlets with milling machinery.
There is no cap on the amount of rice in each application, but it must be put on sale to consumers by August.
However, some retailers that obtained rice in previous government sales have indicated they are focused on selling what they have, before applying for more.
Koizumi says he wants to introduce legislation to ban the resale of stockpiled rice among distributors.
He told reporters on Tuesday that those who resell government rice at high prices could face up to a year's imprisonment or a fine of up to 1 million yen. He added the government is committed to delivering its stockpiled rice to those who need it.
Koizumi said he aims to seek approval for the legislation at a Cabinet meeting this week.
