In a rare move, the Japanese government began auctioning off its emergency rice reserves on Monday to counter skyrocketing prices of the national staple.
Rice prices in Japan have nearly doubled over the past year, driven by poor harvests linked to extreme heat, panic-buying after last summer’s “megaquake” warning, and businesses hoarding supplies to sell at peak value.
With approximately one million tons of rice stored for emergencies, Japan has previously tapped into these reserves during natural disasters. However, this marks the first time since the stockpile was established in 1995 that a supply chain crisis has prompted such action.
The Agriculture Ministry is set to allocate 150,000 tons of rice to successful bidders by Wednesday, with supplies expected to reach store shelves by late March. An additional 60,000 tons could be released if needed.
“This is a highly irregular situation,” Agriculture Minister Taku Eto told parliament on Monday. “By addressing bottlenecks in distribution, we hope to ease the burden on consumers.”
Experts point to a combination of factors fueling the crisis, including Japan’s tourism surge, climate change-induced heatwaves, and last August’s panic-buying triggered by government warnings of a potential megaquake, a powerful typhoon, and the annual Obon holiday rush.
The emergency auction underscores growing concerns over food security in Japan as climate change and supply chain disruptions continue to impact staple goods.
