The price of rice in Japan is soaring. The government is releasing 210,000 tons from its stockpile to fight it.

In response to a dramatic 70.7% year-on-year increase in rice prices, Japan's government has decided to release 210,000 tons of rice from its emergency stockpiles. Agriculture Minister Taku Eto announced this plan during a press conference, aiming to stabilize the market following a price surge that began last fall. This rise can be attributed to several factors including higher production costs and increased demand from tourists. The initial auction will make 150,000 tons available next month, with shipments to retailers expected in late March or early April.

In response to a 70.7% rise in rice prices since last year in Tokyo, Japan's government plans to release 210,000 tons from stockpiles to stabilize the market.

Agriculture Minister Taku Eto expects that by auctioning 150,000 tons of rice next month and reaching retailers by late March or April, prices will normalize.

Read at Business Insider