Sources say Japan's agriculture ministry has decided to release 210,000 tons of government reserve rice as prices of the country's staple grain remain high.

The sources say that in the initial sales, 150,000 tons will be slated for bidding and that subsequent rounds will be determined based on assessments of distribution conditions.

The bidding will primarily target rice harvested in 2024, but some rice from the 2023 harvest will also be included. In principle, the government is to buy back the same volume from the buyers within one year.

The agriculture ministry says the rice harvest in 2024 is estimated to have increased by 180,000 tons from the previous year.

But the amount of rice the Japan Agricultural Cooperatives and other wholesalers purchased from farmers last year declined by 210,000 tons from the previous year.

The government release of the rice from its stockpile looks to fill the decline.

Release of reserve rice into the market has been limited up till now to cases such as serious crop failures or disasters. The agriculture ministry is supposed to maintain one million tons of rice.

This will be the first time for the government to release the rice with the aim of ensuring smooth distribution.

Agriculture minister Eto Taku is set to officially announce the rice release plan on Friday. Attention will be on how this release impacts rice prices.