Japan releases 210,000 tons of government rice from reserves

Feb. 14 (UPI) -- p>Japan's government said Friday it will release rice from its stockpile to stabilize the supply in the market and counteract rapidly rising rice prices.

The government released 210,000 tons of rice collected by agriculture coops and distributors to cover a shortfall equal to that amount and facilitate full distribution.

"We want to do everything we can to stop the stagnation of distribution," Farm minister Taku Eto said during a press conference.

Wholesalers will get the first government rice in mid-March after a bidding process. It is expected to reach retail sales between late March and early April.

About 150,000 tons will be released in the first batch.

Eto expressed hopes that the government rice release will bring the rice market in Japan back to normal.

Japan's rice harvest 2024 total was about 180,000 tons more than in 2023 but growing demand and shortages combined with the record high prices snarled distribution and supply, prompting the government release action.

Rice prices were 64.5% higher in December than from a year earlier, the sharpest increase since 1971, according to the government.

Average brown rice prices to wholesalers reached $155 per 132 pounds in 2024, the highest since 1990 when official records began.