Japan to Sell Rice Stockpiles With Aim to Halve Soaring Prices

Japan will sell additional stockpiles of rice at a fixed price with an aim to halve soaring costs, newly-appointed agriculture minister Shinjiro Koizumi said as the country heads toward a summer election.

The government aims to release an additional 300,000 metric tons of its stockpiled rice with negotiated contracts at a set wholesale price of around ¥10,000 per 60 kilograms, according to the agriculture ministry. That should halve the retail price to about ¥2,000 per 5 kilograms, down from its current average of ¥4,268 per 5 kilograms, the ministry said.