Japan to release stockpiled rice monthly through July as prices soar

TOKYO: The Japanese government will release additional stockpiled rice every month until the end of July to stabilise soaring prices, Farm Minister Taku Eto said on Wednesday.

According to the Kyodo News Agency, the announcement comes as price rises have continued unabated even after 212,000 tonnes of stockpiled rice was already released in two tranches.

For the third release, the government will put 100,000 tonnes of stockpiled rice up for auction in late April, and the sizes of subsequent releases will be based on market conditions and other factors, Eto told reporters after being instructed in a meeting with Prime Minister Shigeru Ishiba to act.

"The government will sell off its stockpiled rice every month until summer to stabilise rising rice prices through creating a stable supply to consumers," Eto said.

The government decided in February to release portions of its rice stockpile to ensure smooth distribution. Some of that rice has been available in supermarkets since late March.

But the average price per 5 kilograms of rice sold between March 24 and 30 rose for the 13th consecutive week to 4,206 yen (US$29), more than double the price a year earlier, according to the Ministry of Agriculture, Forestry and Fisheries.

The ministry believes the sharp rise in prices is due to businesses and households holding large inventories due to concern rice could run out.

-- BERNAMA