KYODO NEWS.

TOKYO: The government will release up to 210,000 tons of its stockpiled rice, farm minister Taku Eto said Friday, in a bid to ensure smooth distribution of the Japanese staple amid soaring prices.

The stockpiled rice will be handed over to wholesalers in mid-March after bidding and is expected to hit store shelves between late March and early April.

Calling the recent increases in rice prices unusual, Eto said he hopes the first-ever release from the rice reserves would “bring the market back to normal.” 

The rice to be released will mainly come from last year’s harvest, with some also from 2023, according to the Ministry of Agriculture, Forestry and Fisheries.

While the 2024 rice harvest increased by 180,000 tons from a year earlier to 6.79 million tons, the amount secured by major distributors as of the end of December was down 210,000 tons.

The ministry suspects wholesalers and farmers are hoarding rice in anticipation of further price hikes.

Last month, the farm ministry eased its policy to allow the release of stockpiled rice to counter price hikes, in addition to providing support after poor harvests.

The government plans to sell the stockpiled rice to agricultural cooperatives and other wholesalers on condition that the government can buy back the same amount within a year to avoid a price collapse.

Published Date: February 14, 2025