Serious Rice Surplus as Last Year's Stock Remains

Japan's rice market is experiencing a significant surplus as last year's crop remains unsold while a new harvest is entering the market. Retailers are forced to slash prices below cost, leaving farmers concerned about potential losses that may make farming unsustainable. Agriculture Minister Suzuki announced the government will start procedures to repurchase rice from reserves this month, but retailers and farmers already facing sharp market fluctuations say the damage is severe.

At a rice retailer in Koka, Shiga Prefecture, large quantities of last year's rice remain in storage despite preparations for the new harvest. Shop owner Toshiyuki Imai had to sell older rice at low prices due to sluggish sales and storage needs for new rice. Rice prices have dropped dramatically, with some varieties now selling for less than half their previous level.

Farmers like Kazuhiro Yamamoto are experiencing losses due to rising material costs, decreased income potential and increased machinery prices. Although he hopes the government's repurchase of reserve rice will help, Yamamoto expects its impact to be limited, as declining consumption and a strong harvest could lead to even larger inventories.

Meanwhile, Typhoon No. 24 is moving north southwest of Amami City, causing strong winds and heavy rain, potentially prolonging its effects for several days.