A new survey shows that Japanese rice growers and wholesalers expect prices of the staple to continue declining in the coming months. That would mark a sharp contrast to last year, when the government resorted to releasing stockpiles to tame soaring prices.
The Rice Stable Supply Support Organization said on Monday the three-month outlook index for prices fell for the second straight month in June.
The reading dropped four points to 19 on a scale of zero to 100, reflecting stronger expectations for lower prices. The June data matches the all-time low set in August 2014 following a bumper harvest.
The organization said plentiful rice supplies from last year have resulted in significantly increased inventories.
The survey gauged the views of 180 rice producers and wholesalers across Japan.
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