Despite the Japanese government's efforts to stabilize rice prices, an expert has expressed doubts about the long-term impact of the upcoming auction of reserve rice, raising concerns about further price volatility and its potential to strain household budgets.
Japan's Ministry of Agriculture, Forestry, and Fisheries announced on Monday that it will hold an auction for government reserve rice from March 10, targeting major rice wholesalers.
The initial auction will cover 150,000 tons of rice, the first such move to stabilize market distribution. After distribution to wholesalers, the rice is expected to reach store shelves as early as late March.
Japan's government plans to release a total of 210,000 tons of its rice reserves into the market, in efforts to alleviate financial strain on households that have been struggling to cope with soaring rice prices.
Naito Osamu, head of the Information Division at the corporate research firm Teikoku Databank, believes that the release of reserve rice is merely a temporary measure, and that further policy discussions are needed to stabilize prices in the long term.
"The current situation is that rice prices in the market have continued to rise after the announcement of the reserve rice release. Therefore, we still need to see whether rice prices will stabilize as they once did when the reserve rice actually enters the market," he said.
Naito noted that the high prices of rice are not an isolated issue, as other essential food items in Japan, including vegetables, are also experiencing significant price increases.
The latest data released by the Ministry of Agriculture, Forestry and Fisheries at the end of February indicated that the national average prices for napa cabbage and round cabbage are more than double those of the same period last year.
High prices have added pressure to the daily lives of Japanese citizens and altered some people's spending patterns.
"Since it is difficult to reduce spending on key commodities like food, people can only cut back on other expenses and use the saved money for essential items like food," said Naito Osamu.
Naito said that prices in Japan are unlikely to decrease in the short term, and future prices will depend in part on global economic conditions and the exchange rate of the Japanese yen.
"Various external factors, such as the inauguration of the Trump administration in the U.S., have made the outlook more uncertain. Many consumers feel uneasy about the future and have become more reluctant to spend," he said.
Japan's rice reserve auction raises concerns about further price volatility
Japan's rice reserve auction raises concerns about further price volatility
The European Union（EU）and France have reaffirmed their support for Denmark's sovereignty over Greenland as concerns are growing over security in the Arctic following the recent statements made by U.S. President Donald Trump regarding the strategically important island.
Speaking at a press conference in Brussels on Wednesday, European Commission President Ursula von der Leyen said that "Greenland belongs to its people, so it's up to Denmark and Greenland, and only to them, to decide on matters that are concerning Denmark and Greenland."
Noting that the EU is in contact with the Danish government, Von der Leyen stressed that security in the Arctic region is a key issue of concern to the EU.
Also on Wednesday, the European Parliament's political group leaders issued a statement, condemning the remarks made by the Trump administration regarding Greenland and terming them as a "blatant" challenge to international law and to the sovereignty of NATO member Denmark.
They urged the EU institutions to define "concrete and tangible" support for Denmark and Greenland, and stressed that decisions concerning Greenland belong to Denmark and Greenland alone.
"External attempts to alter the status quo are unacceptable," the leaders said.
In a related development, a group of 23 lawmakers sent a letter to European Parliament President Roberta Metsola on Wednesday, emphasizing that if the United States continues to threaten Denmark's autonomous territory, the European Parliament should suspend debates and votes on trade agreements with the United States.
Currently, the European Parliament is deliberating on removing most U.S. import tariffs and maintaining zero-tariff policies on U.S. lobster, with a vote scheduled for January 26 and 27.
Meanwhile, French government spokeswoman Maud Bregeon, citing President Emmanuel Macron, warned on Wednesday that any infringement on Danish sovereignty over Greenland would trigger "unprecedented" consequences.
"If the sovereignty of a European ally were affected, the cascading consequences would be unprecedented," said Bregeon.
"we are closely monitoring the situation and will stand firmly with Denmark to defend its sovereignty," the spokeswoman said.
On the same day, French Prime Minister Sebastien Lecornu noted the need for serious consideration of recent U.S. signals concerning Greenland.
Lecornu reaffirmed France's "full solidarity with Denmark and the legitimate authorities of Greenland," adding that safeguarding the sovereignty of other countries is an important foundation for safeguarding one's own sovereignty.
Furthermore, French Foreign Minister Jean-Noel Barrot announced on Wednesday that France will open a consulate in Greenland on February 6, calling the move a "political signal" over the strategic Danish territory.
The foreign minister said that the U.S. plan of buying Greenland is "absurd" and that this "blackmail" should stop.
He reiterated that France and Europe will continue to support Denmark.
Greenland, the world's largest island, is a self-governing territory within the Kingdom of Denmark, while Denmark retains authority over defense and foreign policy. The United States maintains a military base on the island.
Since his first term, Trump has repeatedly expressed a desire to acquire Greenland. Both Greenland and Denmark have made clear that the island is not for sale. The White House said last week that Trump will not rule out the use of force.
EU, France reaffirm support for Denmark's sovereignty over Greenland
