Japan's Rice Price Crisis: Swift Government Intervention
Japan is attempting to curtail rising rice prices by targeting a reduction to 2,000 yen per 5 kg through faster supermarket distribution. Crop damage and tourism demand have surged costs, challenging the government's approval ratings. The new farm minister is strategizing swift actions to assure public confidence.
Facing a surge in rice prices due to crop damage and increased tourism demand, Japan aims to reduce the cost to 2,000 yen for 5 kilograms, according to the farm ministry. This move is crucial for Prime Minister Shigeru Ishiba's government, which is grappling with low approval ratings ahead of the election.
The government plans to release 300,000 metric tons of stockpiled rice, approximately half of Japan's monthly rice consumption, through direct retailer contracts. Newly appointed Agriculture Minister Shinjiro Koizumi vows to expedite this process, stating the urgency of addressing public concerns about rising rice costs.
Efforts to bring prices down include covering transportation costs to ensure stockpiled rice reaches stores by early June. Discussions with Rakuten Group CEO Hiroshi Mikitani indicate potential online support. Previous attempts saw limited success due to distribution inefficiencies, as seen in auctions earlier this year.
(With inputs from agencies.)
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