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Rice Market In Japan

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Rice market in Japan, 2008-2013 Introduction
Rice is a staple and “sacred” food in Japan. According to Economy Watch agriculture sector of Japan in 2012 was 1.2 % of the nation’s GDP, while rice sector was 85% in Japanese agriculture making the country self-sufficient in rice. As noted by MAFF (Ministry of Agriculture, Forestry and Fishery) in their monthly statistics (2015) , the 1,573,000 ha area was planted for rice and 8,435,000 tons of rice was produced in 2014. Additionally Japanese government imported 650,322 tons of rice in 2014 according to WTO import minimum quota and exported 18,400 tons including food aid. During 2008-2013 Japanese country has suffered …show more content…

The probable non-price determinants of demand for rice are: taste, income, and the number and price of substitute goods . Due to shift in Japanese diet, the rice consumption has been steadily decreasing since 1960. According to Hiroko Tobuchi (2008), in his article, Consumers' Changing Tastes Lead to Import Dependence notes that this upward trend consuming more hamburgers and pizza is affected by westernization of the country. This trend forced Japanese government to be more dependent on import of corn and wheat. As the author notes government imports about 90% of its wheat from abroad and similar situation was observed in South Korea. Also one of the prime determinants of demand is the income growth. According to Kazuhito Yamashita (2010), in his article, Irregular movement in Japan's rice market and futures trading claims that income elasticity’s of rice has been decreasing in developed countries despite increase the income. Thus, rice is becoming an inferior good. However, if there is growth in income in less developed countries, they will consume more rice and for these countries rice is normal food. Additionally the other non-price determinant of rice is substitute goods. The potential non-price determinants of supply for rice are: the cost of production, nature, “random shocks” and “other unpredictable events”. One of the prime non-price determinant of rice sector in Japan is different “random shocks” due to sudden natural disasters as earthquakes, tsunamis, floods, volcanic eruptions. For example, the 2011 Great East Japan Earthquake damaged about 23000 hectares. Next non-price determinant is the cost of production. As government have several policies fro rice

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