Latest news with #stockpiledrice
Japan Times
17-05-2025
- Business
- Japan Times
Wholesalers may be behind elevated retail rice prices
Larger gaps between wholesalers' procurement and selling prices, which represent their costs and profits, may be a factor behind the high retail price of rice in Japan, a government survey has suggested. According to the survey by the agriculture ministry between March 17 and April 13, buyers of government-stockpiled rice sold it to wholesalers at prices that were ¥961 per 60 kilograms higher on average than their purchase prices. Such gaps were up to ¥2,400 in a previous survey for ordinary rice harvested in 2022. Meanwhile, wholesalers added ¥7,593 on average to their selling prices for stockpiled rice, far more than the ¥2,206 to ¥4,689 added for the 2022 rice. "We want (wholesalers) to understand that (sales of stockpiled rice) are different from deals on ordinary rice and to make utmost efforts (to lower retail rice prices)," agriculture minister Taku Eto said in a news conference on Friday. On the same day, the ministry set up a 60,000-ton quota in auctions for stockpiled rice for bidders planning to deliver the rice to retailers within one month. Under the quota, 20,000 tons will be available to bidders who plan to sell the rice directly to retailers. "Bypassing wholesalers will speed up (the distribution of stockpiled rice) considerably," Eto said. "(Retail) prices are expected to fall as there will be no (wholesaler) distribution costs and profits."
Reuters
12-05-2025
- Business
- Reuters
Japan supermarket rice prices fall for first time in 18 weeks
TOKYO, May 12 (Reuters) - Japanese supermarket rice prices fell for the first time in 18 weeks, the agriculture ministry said on Monday, though they were still double the price from the same period a year earlier. In the week to May 4, prices fell 19 yen from the previous week to average 4,214 yen ($28.52) per 5 kg, the data showed. Prime Minister Shigeru Ishiba's government in March took the unprecedented step of releasing stockpiled rice into the market for the purpose of reining in costs. That will continue every month through July. ($1 = 147.7400 yen)
