In an attempt to lower the skyrocketing cost of the basic food, the Japanese government started an unusual auction of its emergency rice reserves on Monday.
Prices have virtually doubled in a year due to rice shortages brought on by anything from panic buying during a “megaquake” warning last summer to bad harvests brought on by hot weather.
Some companies are also said to be holding onto their inventory in order to wait for the best moment to sell, which exacerbates the issue.
A million tons of rice are kept in emergency storage in Japan.
Although the nation has used these reserves in the past during emergencies, supply chain issues are the cause of this move for the first time since the stockpile was established in 1995.
By Wednesday, the agriculture ministry should choose the winning bids for 150,000 tons of rice, and by the end of March, the grain should be available for purchase.
If needed, the ministry said it intends to discharge a further 60,000 tons.
“This is a highly irregular situation,” agriculture minister Taku Eto told parliament on Monday.
“By sorting out the clogged parts of the distribution network, we hope to relieve the hardship experienced by consumers.”
According to experts, the issue has been caused by a number of variables.
These include a surge in tourists and shortages brought on by recent record heatwaves as Japan, like other nations, suffers from the consequences of human-caused climate change.
The government’s warning of a potential “megaquake” in August of last year, along with one of the strongest typhoons in decades and the yearly Obon vacation, caused several retailers to empty their shelves.
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