Tokyo \u2013 Rice prices in Japan soared 99.2 per cent in June year on year, official data showed July 18, piling further pressure on Prime Minister Shigeru Ishiba ahead of elections this weekend.<\/p>\n
The price of the grain already rocketed 101 per cent year on year in May, having jumped 98.4 per cent in April and more than 92.5 per cent in March.<\/p>\n
Overall, Japan\u2019s core inflation rate slowed to 3.3 per cent in June from 3.7 per cent in May, the data from the Ministry of Internal Affairs and Communications showed.<\/p>\n
The reading, which excludes volatile fresh food prices, was slightly below market expectations of 3.4 per cent.<\/p>\n
Excluding energy and fresh food, consumer prices rose 3.4 per cent, compared with 3.3 per cent in May.<\/p>\n
Public support for Mr Ishiba\u2019s administration has tumbled to its lowest level since he took office in October, partly because of frustration over the cost of living.<\/p>\n
One of the main sources of anger has been inflation and, in particular, the surging cost of rice, as well as scandals within the ruling party.<\/p>\n
The 68-year-old leader\u2019s coalition was deprived of a majority in the powerful Lower House in October.<\/p>\n
It was the worst election result in 15 years for the Liberal Democratic Party, which has governed Japan almost continuously since 1955. <\/p>\n
Opinion polls ahead of July 20\u2019s election suggest the ruling coalition may lose its majority in the Upper House as well.<\/p>\n
This could force Mr Ishiba to resign after less than a year in office.<\/p>\n
Mr Ishiba is under additional pressure to reach a trade deal with the US before new tariffs of 25 per cent take effect on Aug 1.<\/p>\n
Japan\u2019s important auto imports into the world\u2019s biggest economy are already subject to painful duties, as are steel and aluminium.<\/p>\n
US President Donald Trump wants to get Japanese firms to manufacture more in the United States, and Tokyo to buy more US goods \u2013 notably gas and oil, cars and rice \u2013 to reduce the US$70 billion (S$90 billion) trade deficit with the Asian powerhouse.<\/p>\n
Mr Ishiba, who has sent his trade envoy Ryosei Akazawa to Washington seven times to try to broker a deal, was due to host US Treasury Secretary Scott Bessent on July 18.<\/p>\n
The Bank of Japan has been tightening monetary policy since 2024 as inflation crept up, but worries about the impact of US tariffs on the world\u2019s No. 4 economy has forced it to take a slower approach.<\/p>\n
Factors behind the rising price of rice include shortages due to an intensely hot and dry summer two years ago that damaged harvests nationwide.<\/p>\n
Since then, some traders have been hoarding rice in a bid to boost their profits down the line, experts say.<\/p>\n
The issue was made worse by panic buying in 2024, prompted by a government warning about a potential \u201cmega quake\u201d that did not strike.<\/p>\n
The government has taken the rare step of releasing its emergency stockpile since February, which it typically only ever did during disasters. AFP<\/p>\n
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