Due to the shortage of rice, the Japanese government is taking emergency measures. The country’s authorities have launched an auction to sell 150,000 tonnes of rice from strategic reserves to lower prices, which have risen due to poor harvests and panic buying following warnings of a possible “mega-earthquake”. About this informs Inquirer.net.
A sharp rise in rice prices in Japan began in the summer of last year. Shortages caused by unseasonably hot weather and massive buying amid fears of a natural disaster have seen the product nearly double in price.
In response, the government decided to sell off some of the strategic stocks, which are usually used in crisis situations such as crop failures or natural disasters. This decision is also aimed at combating speculation, as middlemen delayed supplies, which further affected prices.
To stabilize the market, the government organized an auction, within which 150,000 tons of rice will be distributed among distributors. Buyers will receive 41 varieties of rice, and it will be on sale at the end of March. An additional 60,000 tons are planned to be released as part of the second stage of implementation, the total volume of sales will be 210,000 tons.
