Japan's Bold Move to Tackle Soaring Rice Prices

Japanese Prime Minister Shigeru Ishiba has ordered urgent measures to mitigate the impact of rising food prices on consumers, with a historic release of stockpiled rice aimed at reducing costs. This move comes as household spending on food reaches a four-decade high amid soaring rice prices.

In response to escalating food prices, Japanese Prime Minister Shigeru Ishiba has initiated measures designed to ease the financial burden on consumers. An unprecedented release of stockpiled rice is among the steps being taken to address these mounting costs.

At a recent news briefing, Economy Minister Ryosei Akazawa confirmed that Ishiba directed the cabinet to act swiftly with these countermeasures. He highlighted the unexpectedly high rice prices, with last year's average transaction price climbing 55% from previous levels.

This marks the first time the government will release stockpiled rice to stabilize costs. Additionally, consumer prices in Japan rose significantly, underscoring the urgency of addressing this economic issue.

(With inputs from agencies.)