The Japanese agriculture ministry plans to encourage domestic companies to invest in overseas storage facilities for farm products. This comes amid rising concerns about food security.

Global food supplies are being jeopardized by Russia's invasion of Ukraine and other factors. The ministry wants to ensure that Japan will be able to continue to obtain stable supplies of grain and feed.

When Japanese firms consider making investments in storage facilities or logistics centers abroad, they conduct investigations to determine whether the envisioned projects will be profitable. The ministry says it will cover half the cost of those investigations.

The ministry plans to ask for about 200 million yen, or around 1.37 million dollars, in its fiscal 2024 budget request to pay for the expenses. The 2024 fiscal year begins in April.

Japan relies on imports of wheat, rapeseed and corn that is used to feed livestock. The prices of those imports have been soaring since Russia's invasion of Ukraine began. That has put a heavy strain on Japanese farmers and consumers.