A: Hey buddy, you heard about the news?
B: No, what's up?

A: The Japanese government started selling their rice stockpile! Remember when prices went crazy in supermarkets?
B: Oh right, that was last year. Why is it happening now?

A: Well, the Agriculture Minister, Koizumi Shinjiro, said they're trying to increase supply. He got around 30 buyers in just an hour!
B: Wow, that's a lot of rice!

A: Yeah, he announced they'll sell up to 200,000 tons of it, and half of it starts today under no-bid contracts. There's also some left from the previous round.
B: Can anyone apply for this? I mean, retailers or those with milling machinery?

A: Pretty much! No cap on how much rice you can ask for, but it needs to be sold by August. Some retailers who got rice before are focusing on selling what they have first though.
B: Makes sense. But I heard some people were reselling the government's rice at high prices... Is that true?

A: Yeah, Koizumi wants to pass a law to stop that! He said those who do could face up to a year in prison or a fine of one million yen. He also aims to pass this law soon.
B: That sounds fair, I guess they need to keep the rice for those who need it.
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Japan's government started accepting applications for the next round of sales of stockpiled rice on Wednesday. The program was introduced to boost supply after rice prices in supermarkets doubled in a year.



Agriculture Minister Koizumi Shinjiro says the ministry received applications from about 30 buyers in the first hour of sales.



Koizumi on the previous day announced that a total of 200,000 tons of the staple grain will be released. Half of that is available from Wednesday under no-bid contracts, along with 20,000 tons remaining from a previous round. Once all of that batch is sold, the remainder will be made available.



Most retailers can submit applications, as well as rice distribution outlets with milling machinery.



There is no cap on the amount of rice in each application, but it must be put on sale to consumers by August.



However, some retailers that obtained rice in previous government sales have indicated they are focused on selling what they have, before applying for more.



Koizumi says he wants to introduce legislation to ban the resale of stockpiled rice among distributors.



He told reporters on Tuesday that those who resell government rice at high prices could face up to a year's imprisonment or a fine of up to 1 million yen. He added the government is committed to delivering its stockpiled rice to those who need it.



Koizumi said he aims to seek approval for the legislation at a Cabinet meeting this week.