Japan is to flood the market with almost a quarter of a million tonnes of stockpiled rice in an unprecedented attempt to arrest soaring prices caused by record summer heat, panic buying and distribution problems.
Japan’s government has previously dipped into its rice reserves in the aftermath of natural disasters or crop failures, but this is the first time it has intervened over distribution issues, including when supply chain disruption contributes to rising prices.
The government will release up to 210,000 tonnes of rice, the agriculture minister, Taku Eto, said on Friday, as consumers battled a surge in prices of more than 50% in recent months.
Japan began stockpiling rice in 1995 after a major rice crop failure two years earlier sparked panic buying.
The price of rice continued to leap after an initial rise last summer, as a shortage triggered by extreme temperatures the previous year sent demand spiralling.
