Japan Launches Third Rice Reserve Auction
(MENAFN) Japan's Ministry of Agriculture, Forestry, and Fisheries launched its third round of rice reserve auctions on Wednesday in an attempt to curb ongoing price hikes.
This round offered 100,000 tons of rice from the 2022 harvest.
Eligible wholesalers submitted their offers via email, with the rice awarded to those offering the highest prices. Any rice that remains unsold will go up for auction again on April 24 using the same method.
According to official figures, the average price of rice in Japanese supermarkets rose to 4,217 yen (approximately 30 U.S. dollars) per 5 kilograms during the week ending April 13.
This represents a three-yen increase from the previous week and continues a 15-week streak of price increases.
With prices still on the rise, the government has committed to releasing more of its stored rice each month through July.
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