Japan Rushes Tariff-Free Rice Imports to Control Soaring Prices

Japan is advancing its tariff-free rice import tender to address soaring prices, as announced by Agriculture Minister Shinjiro Koizumi. The government has released rice from its stockpiles and plans to use imports to stabilize the market. This comes ahead of significant elections in Tokyo.

Japan is accelerating its tariff-free rice import tender this month to mitigate rising rice prices, Agriculture Minister Shinjiro Koizumi revealed on social media platform X on Thursday. This move advances the typical auction timeframe from September, aiming to stabilize market prices.

The delivered rice is expected by late September, earlier than usual, as higher prices spark concern among consumers and policymakers, especially with significant Tokyo elections approaching. The government has responded by releasing rice from emergency stockpiles, selling it for less than half the average price, with long queues evidencing strong consumer demand.

Of the 900,000-ton stockpile, 800,000 metric tons are earmarked for sale by August. Koizumi highlighted the potential need for additional imports, up to 100,000 tons, under the WTO's 'minimum access' framework to ensure market supply stability.

(With inputs from agencies.)