Japan's agriculture ministry said on Friday it will hold its fourth auction of rice from government stockpiles later this month. It will release 100,000 tons for sale from May 28 to 30.
Starting with the up-coming auction, revised bidding rules will be applied, giving priority to wholesalers who have already committed to distribute rice to retailers.
The deadline for the government to buy back rice from wholesalers will be extended from a year to up to five years. The change also applies to stockpiled rice that wholesalers have already purchased. But there will be no buyback for this year's harvest.
The government is hoping the revisions will ensure that more rice is available for consumers amid shortages and soaring prices.
Some smaller supermarkets and rice stores in rural areas say they have no idea when they can get rice released from stockpiles.
The revised bidding conditions are aimed at encouraging more wholesalers to take part in auctions and widening distribution channels.
Previously the government bought back from wholesalers within a year the same amount of rice it had sold to them. But for some wholesalers, the short deadline was a disincentive because they could not be certain of obtaining enough rice to sell back.
Competition is already keen among wholesalers aiming to buy the rice that will be harvested this year.
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