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Japan's government will release 210,000 tonnes of emergency rice stockpiles to combat a dramatic rise in prices, which have surged more than 50% in recent months due to extreme heat, increased demand, and distribution issues. Agriculture Minister Taku Eto stated the government typically refrains from market intervention, but the recent price spikes "have had a significant impact on people’s lives."
Recent surveys indicated the retail price of a 5kg bag of rice rose to approximately ¥3,688 (about $24) from ¥2,023 (around $13) the previous year. Contributing factors include the depletion of rice stocks, adversely affected by record-breaking temperatures and an influx of tourists, as well as panic buying following warnings of natural disasters.
This intervention marks the first time the government has addressed distribution problems specifically. The stockpiled rice is expected to reach agricultural cooperatives and wholesalers by mid-March, with sales commencing by early April. The government plans to buy back an equivalent quantity within a year to avoid market collapse.