Japan Launches Third Rice Auction Amid Soaring Prices

Japan’s Ministry of Agriculture, Forestry, and Fisheries launched its third auction of government-held rice on Wednesday in a bid to stabilise rising prices in the domestic market.

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According to official data, the average retail price of rice in Japanese supermarkets climbed to 4,217 yen (approximately 30 U.S. dollars) per 5 kilograms in the week leading up to April 13. This represents a three-yen increase from the previous week and marks the 15th consecutive week of price hikes.

In response to persistent inflationary pressure, the Japanese government has committed to releasing additional rice from its stockpiles each month through July. The latest auction featured 100,000 tonnes of rice harvested in 2022.

Qualified wholesalers had submitted their bids via email, with the rice awarded to the highest bidders. Any unsold rice from this round will be re-auctioned on April 24 under the same bidding process.

The move underscores Japan’s efforts to balance supply and demand in the staple food market and ease the financial burden on consumers.

NAN/Oluchi