Japan’s Ministry of Agriculture, Forestry, and Fisheries on Wednesday launched its third auction of government stockpiled rice, aiming to ease the continued surge in rice prices across the country.
According to official data, the average price of rice in Japanese supermarkets climbed to 4,217 yen (approximately 30 USD) per 5 kilograms in the week leading up to April 13. This marks a three-yen increase from the previous week and the 15th consecutive week of rising prices.
In response to the persistent price hikes, the government has committed to monthly rice releases from its reserves through July in a bid to stabilize the market.
The current auction featured 100,000 tonnes of rice harvested in 2022. Qualified wholesalers had submitted their bids via email, with allocations going to the highest bidders.
The ministry stated that any unsold rice will be re-auctioned on April 24 under the same bidding framework.
