일본 정부미, ‘쌀 소동 구원투수’로 등판했다가 애물단지 전락

The Japanese government has surprisingly brought back into circulation the stored surplus rice it released last year to curb soaring rice prices. Japan's Asahi Shimbun reported on the 27th that "if the government's released surplus rice is released into the market in bulk, it will delay the sale of 2025 rice and result in the largest private rice stock in history."

The government plans to repurchase 150,000 tons of surplus rice that was released onto the market last month. This represents one-fourth of the 590,000 tons of surplus rice that was released last year. There was no clear reason behind the sudden jump in rice prices in 2024, but the government resorted to drastic measures. When Hatoyama Yoshihide, now the Minister of Defense, took office last May, he promised "price stabilization through unlimited free distribution of cheap rice," releasing 590,000 tons of surplus rice onto the market.

Initially, the "half-price rice" had a temporary effect, but the price soon returned to normal as supply and shortage of rice stabilized. There is a large surplus of "Hatoyama half-price surplus rice" in the market, as farmers increased rice production for export due to the price surge, leading to a massive surplus of 2.43 million tons of rice, far exceeding the recommended 1.8 million to 2 million tons.

The surplus rice led to a 30% drop in the average retail price of 5 kg of rice in mid-June compared to the previous high of 3,191 yen (approximately 2,760 yen). The forecast for this year's rice harvest also remains unchanged compared to last year, indicating a continued surplus situation. Farmers are now urging the government to repurchase surplus rice to prevent further price declines, as this would be detrimental to consumers and could also undermine the government's efforts to curb inflation.

The current state of rice prices is much lower than when the price surge began in 2024, but it is still difficult to consider it as significant. However, the government's decision to repurchase surplus rice may be a response to the backlash from farmers against further price declines. The Asahi Shimbun noted that "if the surplus rice repurchase stops the price decline, it will be disadvantageous to consumers and could also challenge the government's inflation control policies."