The auction for the first 150,000 tons of the Japanese government's rice stockpiles began on March 10 as part of efforts to curb rising prices resulting from distribution bottlenecks.

Up for bidding were 100,000 tons of rice harvested in 2024 and 50,000 tons from 2023.

Major companies that collect and distribute rice that meet certain criteria are eligible to take part in the auction.

Eligible entities were asked to send applications by email by 10 a.m. on March 10, indicating which among the 41 brands they wanted to bid for, categorized by rice quality and storage location.

The brands include Hitomebore from Miyagi Prefecture and Koshihikari from Niigata Prefecture.

The winning bid for each item will be decided starting with the highest prices tendered.

Any items that are not auctioned off on the first day will be put up for bidding on March 11 on.

The rice reserves that are successfully bid on are expected to become available for sale at supermarkets or be supplied to restaurants from late March to April.

They will not be marked as stockpiled rice.

Rice prices have continued to surge even after the government announced its decision to release 210,000 tons of rice from its stockpiles.