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Japan Distributes Rice from Reserves to Stabilize Prices

According to a Vietnam News Agency (TTXVN) correspondent in Tokyo, in the first auction held last week, over 140,000 tons of rice were successfully traded out of a total of 150,000 tons.

Following this auction, starting March 18, the Japanese government has begun distributing a large amount of reserved rice to distributors. This rice is expected to be available on supermarket shelves nationwide by next week.

First Auction Results and Rice Distribution

In the first auction held on March 10, 150,000 tons of rice harvested in 2023 and 2024 were put up for bidding to support price stabilization. Out of this, more than 140,000 tons were successfully traded, and the delivery process began on March 18.

At a warehouse in Saitama Prefecture on the morning of March 18, the Japan Agricultural Cooperatives (JA Zen-Noh) received 12 tons of Koshihikari rice harvested last year.

JA Zen-Noh plans to sell the reserved rice in phases, matching the amount they purchased at the auction, through long-term wholesale partners. To prevent market discrimination, they have instructed wholesalers not to label the rice as "reserved rice" on packaging when selling in stores and supermarkets nationwide.

Impact on Consumers and Market Prices

The release of reserved rice has drawn public attention, particularly regarding its impact on rice prices, which have been rising continuously in recent weeks.

According to the Ministry of Agriculture, Forestry, and Fisheries (MAFF) of Japan, the average price of rice at approximately 1,000 supermarkets nationwide continued to increase during the week of March 2-9, reaching 4,077 yen (27.24 USD, including tax) per 5kg, despite the government’s announcement of its plan to release rice reserves.

During a press conference after the March 18 Cabinet meeting, MAFF Minister Eto Taku acknowledged consumers' concerns and emphasized that price stabilization would take time, as rice must first reach wholesalers before impacting market prices.

To accelerate supply stabilization, the Japanese government announced plans to release an additional 70,000 tons of rice from reserves this week.

Future Auctions and Market Monitoring

Minister Eto also stated that future rice auctions would be conducted based on market conditions to ensure effective support for price stabilization policies. However, the government would carefully monitor market price trends before making further decisions on additional reserve releases.

Source: bnews.vn