Japan Releases Stockpiled Rice to Tackle Soaring Prices

On February 14, Japan’s Ministry of Agriculture, Forestry, and Fisheries announced the release of stockpiled rice to tackle soaring prices of the staple grain. The rice is set to appear in stores by late March at the earliest.

Summer 2024 saw rice shortages at many retail outlets, pushing prices up. While the cost of rice was expected to return to normal levels as distribution issues eased with the new season’s harvest, a December survey by the Ministry of Internal Affairs and Communications found that a 5-kilogram bag of Koshihikari cost a nationwide average of ¥3,775. This was over ¥1,400 more expensive than in May of the same year, and the price commonly exceeded ¥4,000 in the country’s urban centers.

Even after shortages had been resolved, competition among major buyers is thought to have kept prices high.

The government stockpiles rice in the event of serious shortages, such as consecutive years of poor harvests or a once-in-a-decade crop failure, and provides enough rice to last until the next season. The system began in 1995 after shortages in 1993 due to cold weather. There are around 100 tons of rice in government stockpiles.

Previously, releases were limited to shortages caused by disasters or cold weather, but at the end of January, MAFF altered its policy to also provide rice when there are problems with distribution.

(Translated from Japanese. Banner photo © Pixta.)