Japan to sell emergency rice stockpiles to reduce prices.
Japan plans to release emergency rice stockpiles to tackle record domestic prices, which have surged 60% in a year.
Alright, check this out. Japan's planning to release some of its emergency rice reserves because prices are on fire, jumping 60% year-on-year. Next week, their farm minister Taku Eto will talk about selling off part of the strategic rice stash, which is about a million tons—roughly one-seventh of what the country consumes annually.
The average wholesale price for rice hit ¥24,655 ($159) for a 60 kg bag. Now, some producers might be mad because they finally got decent prices to cover costs, but Eto’s hoping they see the benefit too. If prices stay high, consumers might switch to other foods. Meanwhile, Japan’s price hike is a big deal compared to global rates, especially since countries like Thailand and India are seeing lower costs and an increase in supply.
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