Japan Sells 141,796 Tons of Reserve Rice in Auction

Tokyo, March 14 (Jiji Press)--Japan's agriculture ministry said Friday that it has selected successful bidders for 141,796 tons of government-stockpiled rice in the initial round of an auction aimed at curbing recent increases in rice prices.

The weighted average of the auctioned rice prices came to 21,217 yen per 60 kilograms. The rice is expected to hit store shelves as early as late this month.

"If such a large amount is released onto the market, the supply-demand balance will naturally improve to a certain extent, and I expect that consumers will approve the result," agriculture minister Taku Eto told a press conference, expressing confidence that rice prices will fall.

Meanwhile, industry watchers expect further rises ahead, saying that some wholesalers are offering about 30,000 yen per 60 kg to procure rice to be produced in 2025.

The ministry put up for the auction's initial round, held from Monday to Wednesday, 150,000 tons of the 210,000 tons of reserved rice it plans to release in an effort to address supply shortfalls. Seven bidders participated, with the rate of successful bids reaching 94.2 pct.

[Copyright The Jiji Press, Ltd.]