Japan to increase rice import amid declining reserves
The Japanese government has decided on an emergency import of rice to prepare for unexpected situations such as disasters in light of reduced rice reserves, the country's Ministry of Agriculture, Forestry and Fisheries announced on Friday.
Following the government's multiple releases of reserve rice into the market to stabilize the soaring prices, the stock of reserve rice has dropped to 150,000 tons.
The country imports around 770,000 tons of rice duty-free each year under a World Trade Organization (WTO) "minimum access" agreement, with 100,000 tons designated for staple food and the remainder allocated for animal feed and processing materials.
CHINA CENTRAL TELEVISION (CCTV) / REUTERS
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