Japan Considers Emergency Rice Imports, Buybacks Amid Price Surge

The Japanese government is actively considering multiple measures to stabilize the soaring rice prices, including the emergency import of rice for the first time since 1993-94. Agriculture Minister Shinjiro Koizumi emphasized that all options are on the table, such as utilizing the tariff-free 'minimum access' import quota and potentially importing rice beyond this limit to mitigate the shortage caused by poor domestic harvests and rising consumer prices. The government has released or plans to release a significant portion of its stockpiled rice, with Koizumi ready to release the entire stockpile if necessary. Additionally, there is consideration of buying back rice that was auctioned off at higher prices under previous policies, as distributors have expressed concerns over the cost and market reception of the auctioned rice. The government is exploring re-releasing this rice through no-bid contracts to make prices more affordable, and direct sales to retailers have already lowered prices compared to auctioned rice. These efforts aim to ensure a steady and affordable rice supply amid consumer concerns and upcoming elections.