Japan to auction reserve rice next week

TOKYO -- 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 as soaring prices continue to strain household budgets.