Several bags of the government’s rice stockpile were wheeled out of storage on Tuesday after a distributor acquired it at auction.
The rice is expected to hit the shelves as early as next week and it is hoped the move will help lower the price of rice, which is reaching record highs.
The agriculture ministry auctioned off a portion of their emergency rice stockpile (about 1 million tons) for three days from March 10, in which a total of 141,796 metric tons were successfully bid among seven distributors. The bid went for an average of ¥21,217 per 60 kilograms, and around 94% of the 150,579 tons of rice put on auction were sold.
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