Japan is struggling with soaring rice prices that have climbed to near-record highs despite government interventions. The government is exploring alternative ways to stabilize the rice prices, ensuring food security. Now, this has posed a major challenge for the newly elected prime minister, Sanae Takaichi
New PM prepares economic measures to address soaring rice prices
More than 100 shoppers were found in line at a farmer’s market near Tokyo for the opportunity to purchase a kilo of Japanese rice at a reduced price, which underscores the impact of rising costs on consumers. The Japanese government is making efforts to curb rice price inflation, but the prices of rice have still soared. The situation has been massively impacting Japan’s new Prime Minister, Sanae Takaichi. In its aftermath, the Prime Minister is preparing economic measures for the rice price crisis.
Domestic Rice is getting expensive
Since the domestic rice is getting expensive, the country is witnessing a rise in the import of cheaper alternatives of rice. This leads to a risk to food security and generates debates on future agricultural policies in Japan. Moreover, Shunsuke Orikasa, chief researcher at the Distribution Economics Institute of Japan, has stated that he did not expect the retail rice prices to drop meaningfully in the months until March, until the market confirmed a major surplus.
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