Japan's government is addressing a significant rice shortage and soaring prices by releasing rice from its national emergency reserve for the first time. Following a decline in rice supplies due to high temperatures damaging crops, the agriculture ministry held an auction for almost 142,000 tons of rice. With prices nearly doubling in the past year and expectations of further increases, this intervention aims to stabilize the market. Despite these efforts, rice prices remain high, with a 5-kilogram bag costing an average of about $27 in recent weeks.
The Japanese government is releasing rice from its emergency reserve for the first time to address a supermarket shortage and soaring prices.
Experts have blamed the problem on high temperatures in 2023 damaging crops, and stockpiling over fears of an earthquake.
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