Japan pledges to cut rice price with direct sales to retailers

TOKYO: Japan's new farm minister said on Monday (May 26) the country's embattled government would release reserve rice directly to large retailers in an attempt to bring down prices for consumers after the recent spike.
The cost of the staple has soared in recent months, creating a major headache for Japan's unpopular leadership ahead of upper house elections due in July.
Farm Minister Shinjiro Koizumi said the strategy in recent months of auctioning rice from the government's strategic reserve had failed to reduce prices in stores.
Officials have therefore "decided to sell it in voluntary contracts" to "large retailers, who treat 10,000 tonnes of rice annually", Koizumi, the son of former premier Junichiro Koizumi, said.
This rice will hit shelves "in early June at the earliest", and the volume of rice the government will release this time - 300,000 tonnes - will be expanded if demand is strong, he added.
Koizumi's predecessor, Taku Eto, resigned last week after saying he never buys rice because he gets it free, sparking public fury.
Data on Friday showed rice prices rocketed an eye-watering 98.4 per cent year-on-year in April, slightly more than the previous month's increase.
Factors behind the rice shortfall include poor harvests caused by hot weather in 2023 and panic-buying prompted by a "megaquake" warning last year.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

CNA

4 hours ago

• CNA

Taiwan central bank says US debt rising too fast may impact trust in Treasuries

TAIPEI :Taiwan's central bank governor warned on Saturday that rapidly rising U.S. debt could be "unfavourable" to the outlook for U.S. Treasuries and that U.S. President Donald Trump's trade policies have made investors cautious. Taiwan's $593 billion in foreign exchange reserves are more than 80 per cent made up of U.S. Treasury bonds, according to the central bank, which said earlier this month that Treasuries were "sound" and still favoured by investors. It added there were no worries about the dollar's position as the leading international reserve currency. Governor Yang Chin-long, in a speech posted on the central bank's website, said Trump's repeated criticisms of the U.S. Federal Reserve's monetary policy have caused concerns about its independence. "In addition, Trump 2.0's trade policy has made investors hesitant about holding U.S. Treasury bonds; Trump's budget, the 'One Big Beautiful Bill Act,' may cause U.S. debt to expand too quickly, which is unfavourable to the outlook for U.S. sovereign debt," he said. "All of these have had a significant impact on the international monetary system centred on the U.S. dollar and based on U.S. creditworthiness." Trump's sweeping tax-cut and spending bill is the centerpiece of his domestic agenda. The bill would lead to a larger-than-expected $2.8 trillion increase in the federal deficit over the decade, despite a boost to U.S. economic output, the nonpartisan Congressional Budget Office projected on Tuesday. Trump, in his first few weeks in office, also announced sweeping tariffs on a broad swathe of countries and trading partners, including Taiwan, only to pause them for 90 days in April to allow for talks to take place. Yang said Trump had been hoping the tariffs could resolve the U.S. trade deficit. "However, the tariff policy not only fails to solve the structural problems, it will also impact the U.S. economy, and threaten to further affect the outlook for global trade and the economy."

CNA

6 hours ago

• CNA

Paws on board: China expands high-speed train access for pets as ownership booms

BEIJING: Pets are now allowed on more high-speed trains in China as authorities seek to make travel more accessible for a growing number of urban pet owners. Passengers can bring small dogs and cats aboard 38 high-speed trains under an expanded pilot scheme by state rail operator China Railway. This builds on the initial trial of 10 trains that began earlier this year. Eight major high-speed rail routes are now included in the expanded programme, covering popular lines such as Beijing-Shanghai, Beijing-Guangzhou, Beijing-Harbin, and Shanghai-Kunming, China Railway announced in a WeChat notice on Friday (Jun 20). The launch of the pilot in April marked the first time pets were officially allowed on high-speed passenger trains in China. Each passenger is limited to bringing one domesticated dog or cat. The pet must be in good health, weigh no more than 15kg and be no taller than 40cm at the shoulder, China Railway said. Pet owners also have to present a valid identity card and a certificate of animal quarantine for their furry companion when booking through the national rail ticketing system, called 12306. The pets are housed in climate-controlled containers in designated carriages, and monitored by railway staff at intervals of no more than two hours, according to local media reports. The expansion of the pilot scheme is to 'better meet the needs of passengers travelling with their pets', China Railway said in its Friday notice. China's pet industry has boomed in recent years, fuelled by young, affluent consumers increasingly willing to spend on their furry companions. An expanding number are seeking to travel with their animals, even abroad, despite challenges in securing pet-friendly transport and accommodation. According to the latest China Pet Industry White Paper released by Petdata, the urban market for pet dogs and cats rose by 7.5 per cent to 300.2 billion yuan (US$41.7 billion) in 2024.

CNA

7 hours ago

• CNA

Toyota to raise US auto prices by more than $200 from July, Bloomberg News reports

Japanese carmaker Toyota Motor Corp will raise prices of some vehicles it sells in the U.S. by more than $200 from July, Bloomberg News reported on Friday. Some Toyota- and Lexus-branded models will have their prices increased by an average of $270 and $208, respectively, the report said, citing Nobu Sunaga, a spokesman for the company.