The rice crisis in Japan shows signs of reduction with price stability and stocks return to shelves star-news.press/wp

After months of increased rice prices, Japanese consumers may eventually get some rest.

Data from the Japanese Ministry of Agriculture It revealed that the average price of a five kilogram rice bag has decreased to 3920 yen ($ 27.03) for the week ending June 15, which was the first time that Rice decreased to less than 4000 yin since the week that ended on March 2.

This was the first time that rice prices came within the goal set by Prime Minister Shigro Eshiba.

In May, Ishiba promised to reduce prices, saying he believed that “rice prices should be in the range of 3000 yin, because staying in the range of 4000 yin could not be true.” According to what was reported, Ishiba told the opposition legislators that he would take Personal responsibility for the matter.

Rice was a hot topic in Japan, where high prices and decrease led to empty shelves in supermarkets throughout the country.

The reckless comments on Rice assigned the minister his job. The former Minister of Farm in Japan, Taku Eto’o, resigned in May, after their public anger over his comments on obtaining free rice from supporters.

Rice prices in Japan increased sharply in the second half of 2024 – against the backdrop of the weak harvest in 2023 and a large demand for tourists – and more accelerated in the first half of this year.

Yucci Rio, a 26 -year -old for Tokyo, told CNBC on Friday that the rise in rice prices was blatant.

He narrated that the five kilograms of ice bag costs about 1,800 yen to 2000 yen two years ago, but prices have multiplied more than 4500 and 5,000 yen.

“The increase was very radical this year, and perhaps from March to April. So just two months ago, they were increasing every day, and perhaps a few hundred of yen, every day,” he added.

Government data revealed that rice prices have multiplied more than twice in May, as they increased by 101.7 % and distinguish the largest increase in more than half a century.

Ion supermarket The sale of the source rice began in California on June 6Saying that the decision was taken amid low local rice supplies in Japan.

In April, Japan imported rice from South Korea for the first time since 1999, Bloomberg said. The South Korean Food Export Company said that O Global has signed an agreement in May to export 200 tons of South Korean rice to help reduce the deficiency of supply in Japan.

The contract is the largest size of the rice that was ever exported by South Korea, a special consumer sales in Japan, The Korea Times reported.

In response to inquiries from CNBC, the National Supermarket Association in Japan said that the shortage of Japan seems to be reduced “thanks to the launch of government rice stocks.”

But the supply recovery was uneven, as rice continued to decrease in some places. Roy Lark, a Japanese business professor at the Intelligence Company at Tokyo Gabankansoling, told CNBC that some supermarkets around Tokyo still have empty rice offers, but these are small stores.

He added that “some chains do not face a problem and that some regional stores have rice.”

“I remember recently, I went to (supermarket) to buy rice for re -storage, but I couldn’t buy it because it was not there, but the signs of their prices still exist,” Yucci said.

When the government of Japan issued its emergency stocks, it had sold the rice directly to retailers, It aims to obtain these shares for consumers at 2000 yen per bag.

Lark said: “The fact that the prices of rice with a brand in bulk lasted a month to start the decline and are still higher than the government’s goal (of 2000 yen per bag 5 kg) indicates that it may be more than just a problem in supply and demand.”

He added that many consumers are concerned that the rice is old and not delicious.

Yoichi chanted the same feelings, saying that government grain stocks of poor quality compared to the newly harvested rice stocks.

In Japan, the newly harvested rice is marketed as “Shinmai”, which is literally new, and its taste is better. Even there is a legal requirement It is only allowed to be classified as the rice that was filled by December 31 of that year as “Shinamey”.

After the harvest of next year, the current crop will be known as “Komai” or the old rice. Government reserves come from old crops, and conditions such as “Rolls or everything” (Literally, the old old rice is used) to describe the 2021 crop.

Data from the officials of the Japanese Central Bank He pointed out that while they are monitoring rice prices, these sharp increases are likely to reduce the advancement.

“When we look at modern data, consumer enlargement moves about 3 %. But this is mostly due to the high costs of import and rice prices … we expect these pressures to be dissipated,” the governor of Boj Kazuo Ueda said at a press conference after the central bank meeting in June. Comments translated by Reuters.