Japan Prolongs Selling Period for Accumulated Rice Reserves
The Japanese government has extended the deadline for selling its stockpiled rice, originally slated to end in August, due to slow deliveries and difficulties retailers have faced in selling the rice.
The stockpile, managed by the Ministry of Agriculture, Forestry and Fisheries, amounts to approximately 500,000 tons. Retailers have applied to sell about 300,000 tons of this rice under discretionary contracts, but as of Aug. 10, only 107,130 tons have been sold.
The remaining unsold rice, approximately 192,870 tons, is expected to be included in the extended deadline, which now stretches beyond September. The extension aims to avoid market disruption caused by cancellations due to shipping and distribution issues, while helping stabilize rice prices in the domestic market.
The slow pace of sales for the government-stockpiled rice has prompted the ministry to take additional measures, including the use of no-bid contracts to facilitate the sale of the rice. This new measure is expected to help retailers sell the unsold rice and prevent further impact on demand for and prices of newly harvested rice.
The ministry has not yet announced the details of the decision to extend the deadline for selling government-stockpiled rice. However, it is clear that the extension is aimed at preventing a possible impact on demand for and prices of newly harvested rice.
Sources:
[1] NHK World. (2022). Japan extends deadline for selling government-stockpiled rice. Retrieved from https://www.nhk.or.jp/news/20220826_57/k10011631271000.html
[2] The Asahi Shimbun. (2022). Japan to extend deadline for selling rice stockpiled by government. Retrieved from https://www.asahi.com/ajw/articles/14464536
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