Japan to release more rice from stockpiles to tackle shortage and rein in prices

Japan said on Friday it would release another 300,000 metric tons of rice from its emergency stockpile through July and tweak its purchasing policy to counter a shortage and rein in sky-high prices. Retail prices for Japan’s staple grain are about double what they were a year ago after extreme heat hit crops and a tourism boom added to demand. That has become a top concern for consumers and a headache for Prime Minister Shigeru Ishiba ahead of upper house elections in July. The 300,000 tons would come on top of 310,000 released from emergency stockpiles since March, which marked the first time stockpiles have been released to rein in prices. The government’s stockpiling policy requires it to purchase the same amount released at a later date, and that timeframe has now been extended to five years from one year. In another change, the government will also designate a portion of the release to bypass wholesalers so that the rice can reach consumers more quickly. The stockpiled ...