Japanese government to release 210,000 tons of rice reserves

Japan's government plans to release 210,000 tons of its rice reserves into the market as soaring prices continue to strain household budgets.

Japan's Minister of Agriculture, Forestry, and Fisheries officially announced the decision at a press conference following a cabinet meeting on Friday. The reserve rice will be sold through a bidding process, with an initial release of 150,000 tons set to begin in mid-March.

The quantity for subsequent rounds will be determined based on an assessment of rice distribution conditions, according to the minister. To mitigate long-term price impacts, the government plans to repurchase the same volume from buyers within a year. The ministry has been cautious about releasing reserve rice, anticipating that the market would stabilize once new harvests became widely available.