Japan Unleashes Government Stockpile Rice to Ease Consumer Prices
(MENAFN) Facing a sharp surge in rice costs, Japan has begun releasing government-held rice reserves directly to retailers without competitive bidding, aiming to ease consumer prices nationwide.
Starting Saturday, major supermarket chains including Ito-Yokado rolled out the reserve rice at selected stores, pricing a 5-kilogram bag at 2,160 yen (approximately $15) including tax. At Ito-Yokado’s Omori location in Tokyo’s Ota Ward, the initial stock of 500 bags sold out within just half an hour after opening. Additional branches are scheduled to begin sales from Sunday onward.
This move follows the government’s announcement earlier this week to distribute 300,000 tons of stockpiled rice straight to retailers. Originally, the Ministry of Agriculture had attempted to auction off these reserves. However, auctions limited the government’s influence on market prices, prompting a shift to no-bid sales directly to retailers.
Data from government sources highlights the urgency: average supermarket rice prices hit a record-breaking 4,268 yen (around $30) per 5 kilograms in early May, nearly twice the cost compared to the previous year. This strategy aims to curb inflationary pressure and stabilize the rice market rapidly.
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