Japan’s Ministry of Agriculture, Forestry, and Fisheries staged its third auction of government-owned rice on Wednesday in an effort to stabilize surging domestic market prices.
According to official data, the average retail price of rice in Japanese supermarkets increased to 4,217 yen (about $30) per 5 kilograms in the week preceding April 13. This reflects a three-yen increase over the previous week and the 15th straight week of price increases.
In response to continued inflationary pressures, the Japanese government has pledged to release additional rice from its stockpiles every month until July. The last sale included 100,000 tons of rice grown in 2022.
Qualified wholesalers submitted their bids via email, and the rice was awarded to the highest bidder. Any unsold rice in this round will be re-auctioned on April 24 using the same bidding method.
The move reflects Japan’s efforts to balance supply and demand in the staple food market while also easing consumers’ financial burden.
