The farm ministry will buy back 210,000 metric tons of rice released from government stockpiles last year to lower prices, a move that significantly depleted reserves of the grain, agriculture minister Norikazu Suzuki said Tuesday. The ministry will buy back rice from the 2025 harvest, of which there is enough supply to allow for it, in a no-bidding process. The ministry also determined there would be sufficient rice supply for this year based on the crop yield, the figures of which were released late last month.
Suzuki also hinted the ministry may increase the amount it will repurchase depending on the rice supply situation. The government’s emergency stockpiles declined to 320,000 metric tons after it released 590,000 metric tons last year. The appropriate amount is considered to be 1 million metric tons.
It already plans to buy back 210,000 metric tons from this year’s harvest, but increasing the government’s stockpiles as soon as possible is considered a priority due to food security concerns. Rice prices, which have been hovering around ¥4,000 ($25) for a 5-kilogram bag, have been declining to between ¥3,000 and ¥3,500. It remains to be seen whether repurchasing the rice will impact prices.
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