Japan PM in a spot as rice prices soar

There is a crisis in Japan which has a political fallout, which could shake the minority government of Prime Minister Shigeru Ishiba. The crisis has to do with the rising price of rice, which is the staple food of the Japanese, like it is in most East Asian countries.

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The prices have risen more than 90 per cent in a year. The popular brand, Koshihikari, is now costing 5,000 yen for 5 kg or $35. Other varieties of rice are costing 4,200 yen or $29 for 5 kg.

The Ishiba government had handled the situation rather clumsily. Prime Minister Ishiba told parliament, “We don’t know why we haven't been able to push prices lower. We first will figure out exactly how much rice there is and where it is.”

Agricultural Minister Taku Eto had to resign because he said that he “never had to buy rice” because many of his supporters gifted rice. The government had tried to sell rice from its stocks but the price of rice did not stabilise. It is clear that the rising price of rice is due to shortages, probably caused due to an excessively hot summer and poor harvest in 2023. The new agriculture minister, Shinjiro Koizumi, said that he would try to bring down the price of rice to 3000 yen for 5 kg or $20.