The rice crisis in Japan shows signs of easing.

According to CNBC on June 26, after months of high prices, rice prices in Japan are showing a downward trend.

Data from Japan's Ministry of Agriculture shows that the average price of a 5kg bag of rice is 3,920 yen (US$27.03), marking the first time it has fallen below 4,000 yen since March 2-3.

Rice ball production line at Fuji Foods' processing plant in Funabashi, Chiba, Japan. Photo: Getty

This also marks the first time rice prices have reached the target set by Prime Minister Shigeru Ishiba. Last May, Mr. Shigeru Ishiba pledged to lower rice prices to "3,000 yen, because keeping them at 4,000 yen is not sustainable."

Rice is a controversial topic in Japan, with prices soaring and supermarket shelves across the country constantly running low. Careless comments about rice even cost a minister his job.

Former Japanese Agriculture Minister Taku Eto resigned in May amid public outrage over comments he made about receiving free rice from supporters. Japan is experiencing a rice crisis as the price of this essential food has nearly doubled in the past year, amid soaring inflation and scarce supplies.

According to Tim Harcourt, an economist at the Institute for Public Policy and Governance at the University of Technology Sydney (UTS), several factors continue to put upward pressure on rice prices. “Firstly, there is hoarding due to online rumors about a super earthquake. Secondly, the Russia-Ukraine conflict has led to wheat shortages, forcing people to switch to rice as an alternative. Thirdly, the strong recovery of the tourism and catering industries has increased demand for rice,” said Tim Harcourt.

Furthermore, the unusually hot summer of 2023 also led to a poor harvest. The Japanese government implemented several emergency measures, such as opening national rice reserves, to curb rising prices. In addition to releasing government rice reserves, retailers offered imported rice from overseas, such as the United States and South Korea.

Speaking on CNBC, the Japan Supermarket Association said that the rice shortage in Japan appears to be easing “thanks to the release of government reserves.” However, the recovery in supply is uneven. Rice shortages persist in some areas. And although the rice crisis has subsided, prices remain high.

(According to CNBC)

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