Imported Wheat Prices in Japan Remain Elevated amid Weak Yen

   Tokyo, May 10 (Jiji Press)--Imported wheat prices in Japan remain elevated amid a weak yen, keeping pressure on households struggling with rising inflation as prices for snacks and noodle products are expected to rise.
   In Japan, which relies on imports for over 80 pct of its wheat supply, the government buys foreign wheat and sells it to domestic millers to ensure stable supplies.
   The government revises wheat prices in April and October every year, based on such factors as the average buying prices in the most recent six months.
   It raised its sale price for imported wheat to a record high of 76,750 yen per ton in April 2023 after Russia's invasion of Ukraine in February 2022 sent international wheat prices sharply higher.
   The sale price was lowered to 67,810 yen per ton last month partly because of expected good harvests in major production areas overseas, though still above levels before the Ukraine war.

(2024/05/10-19:23)

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