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The Japanese government has announced the release of up to 210,000 tonnes of stockpiled rice in an effort to combat soaring prices influenced by summer heatwaves, panic buying, and distribution issues. This unprecedented move, described by Agriculture Minister Taku Eto as crucial due to the substantial impact of rising prices on consumers, aims to stabilize a market where rice prices increased by over 50% in recent months.
Recent surveys indicate that the average retail price for a 5kg bag of rice has risen to ¥3,688, which is significantly higher than the ¥2,023 reported last year. The government typically refrains from market interventions, but the current situation—marked by low rice stock levels exacerbated by extreme temperatures and increased demand from a booming tourism sector—has prompted this action.
The stockpiled rice, stored in secured facilities nationwide, is set to reach agricultural cooperatives and wholesalers by mid-March, with retail availability expected by early April. The government plans to repurchase an equivalent amount from distributors within a year to prevent market downturns, as reported by the Asahi Shimbun.