Japan's Rice Revolution: Government Slashes Prices Amid Skyrocketing Costs
Japan plans to cut rice prices to 2,000 yen per 5 kg, tackling soaring costs affecting consumers. The government will release 300,000 metric tons of stockpiled rice to retailers, aided by covered transportation costs. Changes are requested to ease the impact ahead of the upcoming election.
- Country:
- Japan
The Japanese government has announced a significant initiative to cut the prices of rice, a staple food, to 2,000 yen per 5 kg amid rising costs. This move comes as consumers face inflated prices partly due to extreme weather impacts and increased demand from tourism.
In an effort to mitigate these costs, the Ministry of Agriculture will release 300,000 metric tons of rice from its stockpiles to retailers. Newly appointed Agriculture Minister Shinjiro Koizumi has vowed to expedite the transportation of rice to stores, promising government assistance with transport costs to aid in price reduction.
Prime Minister Shigeru Ishiba's administration views this as a crucial measure to boost public approval before the upcoming election in July. Discussions of potential sales beyond retail points are underway, as online retail giant Rakuten pledges its support for the cause after Friday's meeting between its CEO and Minister Koizumi.
(With inputs from agencies.)
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