Japan is poised to reverse its long-standing policy of limiting rice production, following a government admission that miscalculations in supply and demand forecasts contributed to a nationwide rice shortage and soaring prices over the past year.
During a ministerial meeting Tuesday on rice supply, Prime Minister Shigeru Ishiba acknowledged that the sharp rise in rice prices was the result of insufficient domestic production and the government’s failure to accurately forecast demand.
“We had assumed that production volume was adequate, despite the lack of sufficient analysis,” Ishiba said.
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