Rice price crisis, Japan opens reserves to stabilize the market

(Dan Tri) - Faced with a rice price crisis, Japan was forced to apply a series of strong measures, including importing rice from South Korea for the first time in 25 years and releasing goods from national reserves.

In order to reduce rice prices for consumers, the Japanese government has just taken measures to sell rice reserves through direct contracts with major retailers. It is expected that 300,000 tons of rice will be distributed in this way. Online sales are also being considered to expand the distribution range.

According to Kyodo news agency, the move is part of an effort to reduce rice prices to around 2,000 yen (more than 360,000 VND) for 5kg. Mr. Shinjiro Koizumi, the new Minister of Agriculture , pledged to curb rising rice prices by selling rice reserves at less than half the average price.

New government data shows that rice prices in March and April this year increased by 92.5% and 98.4%, respectively, compared to the same period last year. The price of 5 kg of popular Koshihikari rice has increased to 5,000 yen (more than 900,000 VND) this month.

Minister of Agriculture, Forestry and Fisheries Shinjiro Koizumi inspects a rice sales area at a supermarket in Tokyo, Japan on May 23. (Photo: Kyodo).

Japan's rice reserves are running low as heatwaves affect the 2023 crop, while consumption is surging due to record tourist numbers. Supply is also being hit by panic after typhoon and earthquake warnings.

According to the Guardian, the first shipment from South Korea since 1999 arrived in Japan in March. The amount of Korean rice sold online and in supermarkets is still relatively low, at just 2 tons, but the parties plan to ship another 20 tons in the coming days.

South Korea's rice exports to Japan are expected to hit their highest level since 1990, while the crisis has also opened up potential export opportunities for US producers, Yonhap News reported.

The situation was so dire that the Japanese government was forced to take the unusual step of releasing 210,000 tons of rice from its reserves. Previously, Japan had only used rice from its reserves after natural disasters or crop failures, but this was the first time the government had intervened to address distribution issues. However, the measure had little impact.

Only a small amount of rice from the reserves has reached stores, the agriculture ministry said. Of the 142,000 tons of rice stored in the first auction, only 426 tons had been delivered to supermarkets and stores by the end of March, the ministry said, citing a lack of delivery vehicles and the need to arrange the goods before they hit the market.

Source: https://dantri.com.vn/kinh-doanh/khung-hoang-gia-gao-nhat-ban-mo-kho-du-tru-de-binh-on-thi-truong-20250528162432557.htm