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
Cuban President Miguel Diaz-Canel on Sunday said Cuba is a free, independent and sovereign nation, rejecting U.S. President Donald Trump's accusations that the island country provided "security services" to Venezuela in exchange for oil.
Earlier on Sunday, Trump suggested Cuba should make a deal with Washington.
"There will be no more oil or money going to Cuba -- Zero! I strongly suggest they make a deal, before it is too late," Trump wrote on his social media platform Truth Social.
"Cuba lived, for many years, on large amounts of oil and money from Venezuela," Trump said.
However, Trump did not specify the terms of a deal or the consequences Cuba could face.
Diaz-Canel said on X that the United States has "no moral authority to point the finger at Cuba in anything", adding that the U.S. side turns everything, even human lives, into a business.
Diaz-Canel said that the United States is "hysterical" against the Caribbean nation because of the sovereign decision of the Cuban people to choose their political model.
"Those who blame the Revolution for the severe economic hardships we suffer should be ashamed and keep quiet," he said. "Because they know and recognize that they are the result of the draconian measures of extreme asphyxiation that the United States has imposed on us for six decades."
Cuba does not attack or threaten other countries, said Diaz-Canel, adding that the country is ready to defend itself "to the last drop of blood".
Also on Sunday, Cuban Foreign Minister Bruno Rodriguez said the United States behaves like a criminal and unchecked hegemon that threatens peace and security, not only in Cuba and this hemisphere, but throughout the entire world.
In an X post, Rodriguez said Cuba has the absolute right to import fuel from markets willing to export it and develop trade relations without interference or subordination to unilateral coercive measures imposed by the United States.
Venezuela on Sunday reiterated its "historic stance" toward Cuba, reaffirming its unwavering commitment to the principles of "fraternity, solidarity, cooperation and complementarity", despite mounting pressure from Washington to isolate the Caribbean nation.
The Venezuelan government released a statement underscoring its support for the free exercise of self-determination and sovereignty of peoples, which it considers fundamental pillars of international relations.
It emphasized its adherence to the principles enshrined in the United Nations Charter and international law, highlighting the longstanding and evolving ties between Venezuela and Cuba.
The Venezuelan government stressed that relations between states should be governed by the principles of non-intervention, sovereign equality and self-determination, and that "political and diplomatic dialogue" is the only viable path to "peacefully resolve disputes of any kind".
Cuban president says ready to defend Cuba, refutes Trump's accusations
