(Update) Japan to Curb Stockpiled Rice Prices
Tokyo, May 23 (Jiji Press)--The Japanese government plans to curb retail prices for stockpiled rice between 2,000 yen and 2,500 yen per 5 kilograms, people familiar with the matter said Friday.
The government plans to launch procedures early next week to release 300,000 tons of stockpiled rice under discretionary contracts, the people said. Since March, it has held auctions to sell such rice to those who place the highest bids.
The government aims to sell stockpiled rice at about 10,000 yen per 60 kilograms under discretionary contracts, compared with some 20,000 yen under auctions.
Rice sold through discretionary contracts "may begin to arrive in store shelves as soon as early June," agriculture minister Shinjiro Koizumi said.
The average price of rice sold at supermarkets across the country has stayed above 4,000 yen per 5 kilograms since March, despite releases of stockpiled rice through auctions, according to the agriculture ministry.
(2025/05/23-21:36)
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