At least 19 retailers applied for no-bid contracts for rice, Koizumi says
Koizumi said during a news conference that the ministry is planning to sign contracts with retailers that have applied by Wednesday and hand them the stockpiled rice as early as Thursday.
The retailers are set to receive a total of 90,824 metric tons, or about a third of the 300,000 tons the government plans to release overall.
'The rice is on track to hit stores in the first week of June,' Koizumi said Tuesday.
Pan Pacific International Holdings, which operates Don Quijote stores nationwide, has applied to purchase 15,000 tons, while Rakuten, supermarket chain operator OK Corp. and a subsidiary of Iris Ohyama, a home appliance company, have applied for 10,000 tons each. Major retailer Aeon said Tuesday that it plans to purchase 20,000 tons of rice and have it for sale by early next month.
Companies with rice millers, such as sake manufacturers, have offered to polish the stockpiled rice, the farm minister said, amid concerns that the extra step could slow retailers down in selling the rice. The ministry will help match retailers with such companies, he added.
Koizumi said Monday that the government plans to release 300,000 tons of unpolished rice through a no-bid contract procedure and hopes to see the average supermarket price for a 5 kilogram bag of rice go down to around ¥2,000. The weekly average price hit a record ¥4,285 for a 5 kg bag in the week through May 18.
More rice will be sold to retailers if the 300,000 tons is not enough, Koizumi added on Monday.
'The next step will be to figure out how the rice can be sold at smaller shops and supermarkets,' he said Tuesday. 'I've told our rice task force that we may need to revise (restrictions) on no-bidding contracts within a week.'
For now, applicants for the no-bid contracts are restricted to major retailers that have a record of selling at least 10,000 tons of rice annually.
The stockpiled rice was initially auctioned off to the National Federation of Agricultural Co-operative Associations (Zen-Noh) and other distributors with the goal of lowering prices by increasing supply. But as prices continued to rise, the government switched to no-bid contracts after Koizumi replaced his predecessor Taku Eto over a rice gaffe.
Unlike auctions, which go to the highest bidder, no-bid contracts allow the government to sell the rice at a lower price. The ministry also decided to cut out the middleman and sell the stockpiled rice directly to retailers for faster distribution.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kyodo News
3 hours ago
- Kyodo News
Kyodo News Digest: July 28, 2025
TOKYO - The following is the latest list of selected news summaries by Kyodo News. ---------- SDF request led to nuclear threat scenario in Japan-U.S. exercise TOKYO - The Japanese Self-Defense Forces strongly urged the U.S. military during a joint command post exercise last year to mirror any nuclear threat made by China with one of its own, government sources said Sunday. The United States ultimately complied with the request in the simulation exercise that envisioned a potential invasion of Taiwan by Beijing, raising concerns that Japan's push to invoke nuclear deterrence could exacerbate tensions between the United States and China. ---------- U.S., EU clinch trade deal setting 15% tariff on most European goods TURNBERRY, Scotland - The United States on Sunday clinched a trade agreement with the European Union, setting a 15 percent across-the-board tariff on cars and most other goods from the 27-member bloc, President Donald Trump said, calling the deal "very satisfactory to both sides." Under the agreement, the EU will buy $750 billion worth of American energy and invest an additional $600 billion in the world's largest economy, Trump said following a meeting with European Commission President Ursula von der Leyen at his Turnberry golf resort in Scotland. ---------- Baseball: Ichiro reflects on legendary career in Hall of Fame speech COOPERSTOWN, New York - Ichiro Suzuki, the first Japanese member of the U.S. Baseball Hall of Fame, shared his inspiration to play in the majors while thanking his family and teammates in his induction speech Sunday. The former Seattle Mariners outfielder began his speech in Cooperstown, New York, by calling himself a third-time rookie, now as a member of the hall, after being a rookie in Japan in 1992 and a major league rookie in 2001 at age 27. ---------- Nobel panel, A-bomb survivors urge youth to carry torch of peace TOKYO - The Norwegian Nobel Committee and Nihon Hidankyo, Japan's leading group of atomic bomb survivors, jointly urged younger generations at an event Sunday in Tokyo to "carry the torch" for peace by listening to the stories of survivors and keeping up the momentum for nuclear disarmament. "The nuclear taboo is under threat, and the hibakusha (atomic bomb survivors) are aging. In not too many years, we will no longer have the testimonies of those who were there, those who could tell this story," said Norwegian Nobel Committee chair Jorgen Watne Frydnes. ---------- 3 suspected drones intruded on premises of Japan nuclear complex TOKYO - Three bright objects believed to be drones intruded on the premises of the Genkai nuclear power complex in southwestern Japan, the country's nuclear watchdog said Sunday, correcting its statement the previous day that drones had been spotted. The Nuclear Regulation Authority said Saturday it was informed of the incident by Kyushu Electric Power Co., the operator of the four-reactor Genkai Nuclear Power Station. ---------- U.S. brokers cease-fire after Cambodia, Thailand border clashes WASHINGTON/BANGKOK - The leaders of Cambodia and Thailand have agreed to meet immediately and work on a cease-fire following cross-border attacks, U.S. President Donald Trump said Saturday after speaking with them by phone. Clashes between Thailand and Cambodia in a disputed border area have continued since Thursday, leaving several people dead including civilians. Each side has accused the other of initiating the fighting. ---------- Video: Fireworks light up summer skies over Tokyo's Sumida River
Japan Times
18 hours ago
- Japan Times
Use of deceased's person's savings for cremation allowed without heirs' consent
The government has notified municipalities and financial institutions that they are now allowed to use the savings of deceased people to cover burial or cremation fees without their heirs' consent, sources said. This is aimed at reducing the financial burden on municipalities, which have shouldered burial or cremation costs when a deceased person's savings deposits could not be used. The measure comes as the number of people dying alone increases. Reflecting lifestyle changes and other circumstances, the proportion of single-person households in Japan rose from 25.6% in 1995 to 38.0% in 2020. Among elderly people age 65 and over, the share of such households jumped from 5.0% to 12.1%. Over 105,000 people died with no one to take care of their remains between April 2018 and October 2021, according to the internal affairs ministry. Under the current law, burial or cremation costs for people who die alone will be paid using their savings deposits, and any shortfalls will be covered by municipalities. However, whether the deceased person's deposits could be used has depended on coordination between municipalities and financial institutions. Municipalities have been denied access to savings accounts in some cases because there were no heirs, and they were required to submit various documents in other cases. In light of this situation, the welfare ministry has revised the guidelines for handling money left by people who died alone, including a new document format for municipalities to submit to financial institutions. The revised guidelines also state that the heirs' consent is not necessary to withdraw the deceased's deposits to pay burial or cremation fees. The central government has been considering this issue since 34 local governments asked for a clarification of related rules in 2024 as part of decentralization reform.
Nikkei Asia
20 hours ago
- Nikkei Asia
US tariff deadline, BOJ monetary policy, Nintendo earnings
Welcome to Your Week in Asia. With several countries in Asia having now secured tariff deals with the U.S. -- even as details remain scarce or disputed for many of them -- the pressure is on those that haven't, with U.S. President Donald Trump's latest deadline for negotiations now just days away. The trade dislocations unleashed by Trump will be among the factors weighing on central bankers from the U.S., Singapore and Japan this week as they decide how to act on interest rates. Get the best of our coverage of Asia and much more by following us on X, where our handle is @NikkeiAsia. We are also now on Bluesky, with the handle @ MONDAY Marcos national address Philippine President Ferdinand Marcos Jr. is set to deliver his fourth State of the Nation Address, an annual event typically used to underscore the government's accomplishments and outline policy. Last year, Marcos Jr. notably condemned China's maritime aggression and ordered a ban on offshore gambling. This year, his address takes place against a backdrop of heightened domestic political turbulence and pressing economic concerns. U.S.-China talks The U.S. and China begin their third round of talks in Stockholm amid a possible extension of their trade truce beyond the Aug.12 deadline. Washington plans to raise issues including China's industrial overcapacity, economic imbalances and continued oil purchases from Iran and Russia. China, on the other hand, says it will seek to "enhance consensus, reduce misunderstandings and strengthen cooperation" with the U.S. Earnings: Singapore Airlines TUESDAY IPO: Oxford Innotech Earnings: ANA WEDNESDAY Fed rate decision The U.S. Federal Reserve will conclude its two-day meeting and reach its latest monetary policy decision. Markets do not expect a rate cut in the meeting, but all eyes are on Chair Jerome Powell's news conference. Market watchers will be seeking clues on the next rate cut, as well as any response to Trump's strong criticisms of the Fed chair. Singapore monetary policy statement Singapore's central bank will announce its monetary policy statement, with some economists expecting further easing, given a forecast economic slowdown in the second half of the year driven by ongoing U.S. tariff uncertainties. The city-state predicts its economy will grow between zero and 2% this year. Nissan earnings Nissan Motor will release its April-to-June results. The company is expected to update investors about progress in its business restructuring and how much its bottom line has been affected by the 25% automotive tariffs set by the U.S. Earnings: JAL, Kansai Electric Data: Philippines trade, Sri Lanka inflation THURSDAY BOJ monetary policy The Bank of Japan wraps up its two-day policy meeting. While market participants expect the central bank to hold interest rates steady, the focus will be on what Gov. Kazuo Ueda says in the wake of the upper house election and the Japan-U.S. trade deal. The BOJ will also release its latest inflation and economic outlook. Earnings: Apple, Sumitomo, Grab, Keppel, Siam Cement, SK Innovation, JERA FRIDAY U.S. tariff deadline After a monthslong pause, Trump is set to impose varying tariff rates on dozens of countries, although some have made arrangements with Washington to lower the U.S. duty rate, although details have yet to be revealed. Governments that have not reached a deal with the U.S. will be slapped with a steep, country-specific tariff rate, which will likely increase costs for U.S. households. Nintendo earnings Nintendo releases its April-to-June earnings following the release of its Switch 2 game console in June. Investors are eager to hear an update on Switch 2 sales, as well as how it is contributing to the company's finances. Other earnings: Nippon Steel, Marubeni, Itochu, OCBC, Mitsui & Co, Tata Power
