Japan's Ministry of Agriculture, Forestry and Fisheries is adjusting plans to buy back approximately 150,000 tonnes [1] of government-stockpiled rice.
The move aims to stabilize the national food supply after reserves dropped significantly. Maintaining these stockpiles is critical for Japan's food security and price stability during periods of shortage.
The government intends to complete the repurchase by September 2024 [2], with a specific target for the middle of the month [2]. This action follows a period of depletion where the rice stockpile fell from a target of 1 million tonnes to about 320,000 tonnes [3]. The decline occurred after a large release of rice was conducted last year [3].
Officials said they are now working to restore an appropriate reserve level to protect against future volatility. The final decision regarding the exact timing and the total volume of the buyback will be determined following discussions with a panel of experts [2].
An expert panel meeting is scheduled for Sept. 2, 2024 [4], to further evaluate the requirements for the reserve. The ministry said it will use the findings from this meeting to finalize the procurement strategy.
This effort to replenish the 320,000-tonne [3] remaining reserve reflects the government's priority to return to its long-term target of 1 million tonnes [3]. The process involves coordinating with various agricultural stakeholders to ensure the buyback does not disrupt current market prices.
“Japan's Ministry of Agriculture, Forestry and Fisheries is adjusting plans to buy back approximately 150,000 tonnes of government-stockpiled rice.”
The significant drop in reserves, from 1 million to 320,000 tonnes, indicates that previous emergency releases heavily strained Japan's food security buffers. By repurchasing 150,000 tonnes, the government is attempting to mitigate the risk of price spikes and supply gaps, though the current buyback only restores a fraction of the original target reserve.
