Japan to cut rice prices by selling directly to retailers
Rice prices have soared in recent months, creating concerns for Japan’s unpopular leadership ahead of upper house elections due in July
The cost of the staple has soared in recent months, creating a major headache for Japan’s unpopular leadership ahead of upper house elections due in July.
Farm Minister Shinjiro Koizumi said the strategy in recent months of auctioning rice from the government’s strategic reserve had failed to reduce prices in stores.
Officials have therefore “decided to sell it in voluntary contracts” to “large retailers, who treat 10,000 tonnes of rice annually”, Koizumi, the son of former premier Junichiro Koizumi, said.
This rice will hit shelves “in early June at the earliest” and the volume of rice the government will release this time – 300,000 tonnes – will be expanded if demand is strong, he added.