The Japanese Ministry of Agriculture, Forestry and Fisheries released statistical data on the 28th showing that the average price of a 5 kg bag of rice on the Japanese market is 4,220 yen (128 ringgit), setting a new high for 16 consecutive weeks.
According to a report from China's Central News Agency, this survey, which examined rice prices at over 1,000 stores across Japan, indicates that during the week ending on April 20, the average price of a 5 kg bag of rice was 4,220 yen, up by 3 yen (0.09 ringgit) from the previous week. This is more than double the 2,088 yen (63 ringgit) of the same period last year, marking a new high since these statistics have been recorded by the department.
In order to alleviate supply tensions and stabilize rice prices, the Japanese government began releasing reserve rice into the market from late March. However, due to the limited volume and range of distribution, coupled with the lengthy process from bidding to shelf placement, reserve rice has not yet made a clear impact on retail rice prices.
Since the summer of 2024, factors such as crop failure due to extreme heat have continued to drive up Japanese rice prices. The Ministry of Agriculture, Forestry and Fisheries initially took a cautious approach to releasing reserve rice, expecting that rice prices would stabilize at a certain level once new rice was widely available. However, the rise in rice prices has not been effectively curbed, and prices have remained high even after the new rice reached the market.