Japan braces for more quakes, authorities dismiss doomsday hype
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Diverging Reports Breakdown
More Japanese embracing foreign rice, even before it became a tariff topic
Japan limits tariff-free “minimum access” imports of staple rice to 100,000 metric tons a year. The U.S. accounted for roughly 60% of that amount last fiscal year, trailed by Australia, Thailand and Taiwan. Wholesale prices for domestic rice have surged about 70% over the past year to hit their highest levels since current records began in 2006. With inflation also raising the cost of living, businesses are now betting that a nation of people known for their discerning palates and pride in their staple grain is open to change. The price of the Californian Calrose rice he buys has doubled since his first purchase last summer, but even so it’s far cheaper than home-grown grains. It’s unclear, however, just how much – if at all – rice will be discussed in bilateral tariff negotiations that began this week. Some analysts think Trump’s Republican administration might not be focused on rice as exports to Japan come from California,. Nor is it clear how much Japan might be willing to yield in opening up its rice market.
Item 1 of 3 Arata Hirano, owner of the restaurant Shokudou Arata, pours California-grown Calrose rice into a rice cooker to cook rice at his restaurant in Tokyo, Japan, April 14, 2025. REUTERS/Kim Kyung-Hoon
Summary
Companies Shortage has seen wholesale domestic prices hit record highs
Restaurants and supermarkets keen to expand use of imported rice
Trump has called out Japan’s high rice tariffs
TOKYO, April 17 (Reuters) – When a severe rice shortage sent prices skyrocketing in Japan last year, Tokyo restaurant owner Arata Hirano did what had once seemed unthinkable: he switched to an American variety.
The price of the Californian Calrose rice he buys has doubled since his first purchase last summer, but even so it’s far cheaper than home-grown grains.
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“Unless domestic prices fall below Calrose prices, I don’t plan to switch back,” said Hirano, whose restaurant offers meal sets of fish, rice, soup and sides.
His willingness to embrace foreign rice may presage a seismic change in mindset for Japanese businesses and consumers – one that could allow Tokyo leeway to relax some restrictions if rice becomes a thorny topic in tariff talks with U.S. President Donald Trump, who has called out Japan’s high levies on its staple grain.
Wholesale prices for domestic rice have surged about 70% over the past year to hit their highest levels since current records began in 2006. Crops were hit by extreme heat while a tourism boom has added to demand. Worries abound that not much will change this year.
With inflation also raising the cost of living, businesses are now betting that a nation of people known for their discerning palates and pride in their staple grain is open to change.
It’s a sharp contrast to 1993, when the Thai rice the Japanese government imported during an acute shortage was largely shunned, leaving supermarkets with piles of unsold bags.
Rare shortages aside, for most of the past six decades, nearly all of Japan’s so-called staple rice – which is consumed at meals as opposed to rice used for feed or ingredients in other products – has been home-grown. There hasn’t been much need for imports while high tariffs, put in place to ensure Japanese self-sufficiency for its most basic food, have protected local farmers from competition.
Japan limits tariff-free “minimum access” imports of staple rice to 100,000 metric tons a year, or around 1% of total consumption. The U.S. accounted for roughly 60% of that amount last fiscal year, trailed by Australia, Thailand and Taiwan. Anything above that is subject to a levy of 341 yen per kilogramme.
When Trump announced sweeping tariffs on much of the world this month, he lambasted Japan for what he said was a 700% tariff on rice, a reference to that levy. Japanese policymakers called his remarks on the sensitive topic “regrettable”. They also dispute the 700% figure, saying it’s based on outdated international rice prices.
It’s unclear, however, just how much – if at all – rice will be discussed in bilateral tariff negotiations that began this week. Some analysts think Trump’s Republican administration might not be focused on rice as exports to Japan come from California, a Democratic-leaning state. Nor is it clear how much Japan might be willing to yield in opening up its rice market.
In one sign that there might be room for some change, a panel advising the finance ministry on Tuesday proposed expanding imports of staple rice, saying that lifting the 100,000-ton tariff-free cap could help stabilise supply.
That said, Prime Minister Shigeru Ishiba’s Liberal Democratic Party is unlikely to risk angering farmers, traditionally a strong support base, ahead of upper house elections in July.
“It’s not possible to make big concessions on rice just before the elections,” said Junichi Sugawara, senior fellow at Tokyo-based Owls Consulting Group.
MORE IMPORTS TO COME
What is clear is that supply remains an issue.
In the financial year that ended in March, tariff-free imports of staple rice hit Japan’s 100,000-ton cap for the first time in seven years.
The amount of tariffed imports, while still tiny, also jumped, quadrupling in the first 11 months of fiscal 2024 to just under 1,500 tons.
And this year, rice importer Kanematsu (8020.T) , opens new tab is shipping in its first large-scale purchase of American staple rice, 10,000 tons worth.
“We’re receiving many enquiries from the restaurant industry, convenience stores, supermarkets and rice wholesalers,” a Kanematsu spokesperson said.
In the week to April 6, Japanese supermarket rice prices hit an average of 4,214 yen ($29.65) per 5 kg, marking their 14th straight week of increase and more than double the same period a year earlier. That’s despite a rare release of rice from the government’s emergency stockpiles that started last month and is set to continue every month through July.
Japan’s Supermarket Rice Prices Surge
As for the quality and taste of imported rice, Miki Nihei, a customer at Hirano’s restaurant, Shokudou Arata, said she had no complaints and was surprised to learn it wasn’t Japanese.
“I had no idea,” she said. “I have no qualms about eating imported rice. Prices have gone up, so I’m always looking for cheaper options.”
($1 = 142.1300 yen)
Reporting by Kaori Kaneko and Chang-Ran Kim; Editing by Edwina Gibbs
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Japan braces for talks on yen, BOJ in trade negotiatons with US
Prime Minister Shigeru Ishiba on Friday set up a task force to oversee trade negotiations with the United States. His close aide and Economy Minister Ryosei Akazawa will visit Washington next week. U.S. President Donald Trump’s focus on addressing a huge trade deficit, and his past remarks criticising Japan for intentionally maintaining a weak yen, mean markets are expecting Tokyo to come under pressure to strengthen the yen. The slow pace at which the Bank of Japan is raising borrowing costs from ultra-low levels could also come under fire in bilateral trade talks, three sources familiar with the negotiations said. The BOJ is expected to hold interest rates at 0.5% at its two-day policy meeting concluding on May 1. Some analysts say it may feel the need to signal that further rate hikes are on the way to avoid causing further declines in the yen, they say. The “reciprocal” tariff imposed on Japan has been cut to the universal 10% rate, from 24%, during the 90-day pause. A 25% duty still applies for automobile imports.
Japan, US to begin trade talks on April 17, NHK reports
Japan can discuss non-tariff barriers, FX
Ruling coalition calls for sales tax cut, Yomiuri reports
Ishiba may order compilation of extra budget next week, Kyodo says
TOKYO, April 11 (Reuters) – Japan is gearing up for trade negotiations with the United States that will likely touch on the thorny topic of currency policy, with some officials privately bracing for Washington to call on Tokyo to prop up the yen.
Prime Minister Shigeru Ishiba on Friday set up a task force to oversee trade negotiations with the United States, headed by his close aide and Economy Minister Ryosei Akazawa, who domestic media said will visit Washington next week.
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U.S. President Donald Trump’s focus on addressing a huge trade deficit, and his past remarks criticising Japan for intentionally maintaining a weak yen, mean markets are expecting Tokyo to come under pressure to strengthen the yen versus the dollar and give U.S. manufacturers a competitive advantage.
The slow pace at which the Bank of Japan is raising borrowing costs from ultra-low levels could also come under fire in bilateral trade talks, three sources familiar with the negotiations said.
“It’s clear the U.S. side is interested in talking about the yen and monetary policy,” said one of the sources, who spoke on condition of anonymity. Another source said Washington wants a reversal of the weak yen, but has not offered Tokyo clarity on its preferred steps.
Public broadcaster NHK reported on Friday that Akazawa will on April 17 meet U.S. Trade Representative Jamieson Greer and U.S. Treasury Secretary Scott Bessent, a former billionaire hedge fund manager known for his strong interest in the yen and BOJ policy.
“I understand Mr. Bessent is very fond of Japan and undoubtedly has a good impression of our country. He also has a deep financial background, so could be a tough counterpart to negotiate,” Akazawa told a news conference.
“He seems to mention non-tariff barriers and currency policy as among topics he’d like to discuss. If so, we will obviously respond during the discussions,” he said, adding that Japan will not take any topic off the table.
Trump expressed a strong interest in Japan’s currency policy in phone call with Ishiba on April 7, Kyodo news agency reported on Friday, citing a Japanese government source.
Finance Minister Katsunobu Kato is likely to travel to Washington later this month for a meeting with his G20 counterparts on the sidelines of the spring IMF gathering, that could also offer the opportunity for a first face-to-face meeting with Bessent.
The BOJ is expected to hold interest rates at 0.5% at its two-day policy meeting concluding on May 1 while it scrutinises the impact of Trump’s tariffs, but some analysts say it may feel the need to signal that further rate hikes are on the way to avoid causing further declines in the yen.
EXTRA BUDGET EYED
In a stunning reversal , Trump said on Wednesday he would temporarily lower the hefty duties newly imposed on dozens of countries while further ramping up pressure on China.
The “reciprocal” tariff imposed on Japan has been cut to the universal 10% rate, from 24%, during the 90-day pause. A 25% duty still applies for automobile imports.
Akazawa and Chief Cabinet Secretary Yoshimasa Hayashi will lead the 37-member task force consisting of staff from various ministries to seek concessions from the United States.
A former transport ministry bureaucrat, Akazawa is among Ishiba’s closest aides and has deep ties with the domestic agriculture sector. His current role as economy minister is his first ministerial post.
While government officials have revealed little about Tokyo’s negotiating strategy with Washington, lawmakers have begun pressuring the government to take steps to cushion the potential economic blow from the tariffs.
The ruling coalition of Ishiba’s Liberal Democratic Party (LDP) and its partner Komeito is considering requesting a temporary cut to Japan’s sales tax rate for food, the Yomiuri newspaper reported on Friday.
Ishiba may also instruct his cabinet as early as next week to compile a supplementary budget to fund cash payouts and fuel subsidies, Kyodo news agency reported.
The calls for expansionary fiscal policy come ahead of an upper house election expected in mid-July, in which the LDP is likely to struggle given Ishiba’s low approval ratings.
Reporting by Leika Kihara and Makiko Yamazaki; additional reporting by Kentaro Sugiyama and Yoshifumi Takemoto; Editing by Jacqueline Wong and Lincoln Feast, Kirsten Donovan
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Japan braces for more quakes, authorities dismiss doomsday hype
Authorities evacuate some residents from remote islands close to the epicenter of a 5.5-magnitude quake. More than 1,000 tremors in the past two weeks have fueled rumors stemming from a comic book prediction that a major disaster would befall the country this month. The manga, which some have interpreted as predicting a catastrophic event on Saturday, has prompted some travelers to avoid Japan. Arrivals from Hong Kong were down 11% in May from the same month last year.
Japan’s government on Saturday warned of more possible strong earthquakes in waters southwest of its main islands, but urged the public not to believe unfounded predictions of a major disaster.
Authorities on Friday evacuated some residents from remote islands close to the epicenter of a 5.5-magnitude quake off the tip of the southernmost main island of Kyushu.
That quake on Thursday, strong enough to make standing difficult, was one of more than 1,000 tremors in the islands of Kagoshima prefecture in the past two weeks that have fueled rumors stemming from a comic book prediction that a major disaster would befall the country this month.
“With our current scientific knowledge, it’s difficult to predict the exact time, place or scale of an earthquake,” said Ayataka Ebita, director of the Japan Meteorological Agency’s earthquake and tsunami monitoring division, after a 5.4-magnitude quake shook the area again on Saturday.
“We ask that people base their understanding on scientific evidence,” Ebita told a press conference.
The manga, which some have interpreted as predicting a catastrophic event on Saturday, has prompted some travelers to avoid Japan. Arrivals from Hong Kong, where the rumors have circulated widely, were down 11% in May from the same month last year, according to the latest data.
Japan has had record visitor numbers this year, with April setting an record monthly high of 3.9 million travelers.
Ryo Tatsuki, the artist behind the manga “The Future I Saw,” first published in 1999 and re-released in 2021, said she was “not a prophet,” in a statement issued by her publisher.
Earthquakes are common in Japan, one of the world’s most seismically active areas. It accounts for about one-fifth of the world’s earthquakes of magnitude 6 or greater.
Istanbul’s strong quake triggers nerves and new pledges to prepare
Magnitude 6.2 tremor on Wednesday sent citizens dashing from shaking homes. It hit a city that has recently seen mass protests over the arrest of its mayor. There were no deaths from Wednesday’s tremor, the biggest in years in Istanbul. Some 5 million of the city’s 16 million residents live in risky homes, data showed in 2023.”The immediate shelter needs of 101,000 citizens have been effectively and comprehensively met,” Interior Minister Ali Yerlikaya said of people who overnighted in mosques, schools and dormitories. He said about a third of the 1.5 million buildings deemed at risk “require urgent transformation – and we have no time to lose” The opposition party, which runs the municipality, said its urban transformation plan must finally be adopted.
Item 1 of 2 People evacuate to Gezi Park following an earthquake, in Istanbul, Turkey, April 23, 2025. REUTERS/Umit Bektas
Summary 6.2 tremor left more than a thousand in need of shelter
Many of city’s 16 mln residents live in risky buildings
From jail, mayor says he’s sad not to be helping residents
ISTANBUL, April 24 (Reuters) – More than a thousand people in Istanbul turned to mosques, schools and other temporary shelters on Thursday after a strong earthquake rattled the Turkish metropolis a day earlier, leaving some 1.5 million buildings at risk, authorities said.
The magnitude 6.2 tremor on Wednesday sent citizens dashing from shaking homes, reviving memories of a historic quake that devastated the country’s southeast two years ago – and raising anxieties about the city’s lack of preparedness
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It hit a city that has recently seen mass protests over the arrest of its mayor, Ekrem Imamoglu. Scheduled demonstrations still occur twice weekly, with more spontaneous protests cropping up regularly.
There were no deaths from Wednesday’s tremor, the biggest in years in Istanbul, which sits just north of a fault line crossing the Marmara Sea. Some 5 million of the city’s 16 million residents live in risky homes, data showed in 2023.
While the government said preparing the city for a bigger earthquake was urgent, the opposition party – which runs the municipality and has been frustrated by what it calls inaction by the central government – said its urban transformation plan must finally be adopted.
Imamoglu and some of the city’s other disaster-response officials are in prison pending trial on charges brought last month that were broadly criticised as politicised and anti-democratic.
From his cell outside the city, Imamoglu – who is President Tayyip Erdogan’s main political rival and leads him in some polls – said on social media it was his “greatest sadness” not to be able to serve residents at this time.
Dozens of people were hurt leaping from homes on Wednesday, which was the nationwide Children’s Day holiday in Turkey, while concrete chunks from some buildings crashed to the ground. Seven buildings had minor damage as a result, authorities said.
“The immediate shelter needs of 101,000 citizens have been effectively and comprehensively met,” Interior Minister Ali Yerlikaya said of people who overnighted in mosques, schools and dormitories. Others slept in tents or vehicles.
Murat Kurum, the urbanization minister, said about a third of the 1.5 million buildings deemed at risk “require urgent transformation – and we have no time to lose.”
The municipal government sought to work with Erdogan’s government on infrastructure transformation to prepare for earthquakes, he said. “With a sense of national and international mobilization, our Istanbul Earthquake Council proposal must be put into action.”
February 2023’s 7.8-magnitude earthquake was the deadliest and most destructive in Turkey’s modern history, killing more than 55,000 people in the south and in neighbouring Syria, and leaving hundreds of thousands still displaced.
The latest tremor also revived memories of a 1999 earthquake that killed 17,000 near Istanbul, Europe’s largest city which also spans across the Bosphorus Strait to Asia.
Reporting by Jonathan Spicer, Ece Toksabay and Tuvan Gumrukcu; Editing by Aidan Lewis
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Bessent says US could announce trade deals with some countries this week
U.S. Treasury Secretary Scott Bessent said the Trump administration could announce trade agreements with some of the United States’ largest trade partners as early as this week. He said many trading partners have made very good offers and Trump officials were in the process of “re-negotiating” those now. India and Japan could be the first countries to sign a trade agreement to lower the tariff rates Trump has threatened. Trump told the NewsNation television network last week he had “potential” trade deals with India, South Korea and Japan, but had no plans to speak with Chinese President Xi Jinping this week, but said any deal with China must be “fair” The president on April 2 imposed a 10% tariff on most countries, along with higher tariff rates for many trading partner that were then suspended for 90 days. He has also imposed 25% tariffs on autos, steel and aluminum, 25%Tariffs on Canada and Mexico , and 145% on China; China responded by boosting its tariffs on U.S.-made goods to 125%.
Companies Trump admin negotiates with 17 major trading partners, excluding China
Bessent expects substantial reductions in tariff and non-tariff barriers
India and Japan may be first to sign trade agreements with US
Trump says any deal with China must be ‘fair’
WASHINGTON, May 6 (Reuters) – U.S. Treasury Secretary Scott Bessent on Tuesday said the Trump administration could announce trade agreements with some of the United States’ largest trade partners as early as this week, but gave no details on which countries were involved.
He said the administration was negotiating with 17 major trading partners, but had not yet engaged with China, the world’s second-largest economy after the United States.
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He said many trading partners have made very good offers and Trump officials were in the process of “re-negotiating” those now.
“I expect that we can see a substantial reduction of the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation and subsidies, both labor and capital investment,” he told the House Appropriations Committee.
U.S. President Donald Trump and his top officials have engaged in a flurry of meetings with trading partners since the president on April 2 imposed a 10% tariff on most countries, along with higher tariff rates for many trading partners that were then suspended for 90 days. The U.S. president has also imposed 25% tariffs on autos, steel and aluminum, 25% tariffs on Canada and Mexico , and 145% tariffs on China
China responded by boosting its tariffs on U.S. goods to 125%. A top European Union official on Tuesday said the 27-nation bloc was readying countermeasures if no trade deal was reached with Washington, adding that it was being contacted by other countries seeking to forge closer trade ties with the EU.
Bessent said about 97% or 98% of the U.S. trade deficit was with about 15 countries, most of which were major trading partners, and discussions were proceeding well with many.
“I would be surprised if we don’t have more than 80 or 90% of those wrapped by the end of the year, and that may be much sooner,” he said. “I would think that perhaps as early as this week we will be announcing trade deals with some of our largest trading partners.”
Bessent faced questions from House Democrats over Trump’s tariff policies, including Representative Mark Pocan from Wisconsin, who repeatedly pressed Bessent on who paid the tariffs and for speaking at investor conferences instead of focussing on the impact on small business owners.
U.S. Treasury Secretary Scott Bessent attends a cabinet meeting held by U.S. President Donald Trump at the White House in Washington, D.C., U.S., April 30, 2025. REUTERS/Evelyn Hockstein/File Photo Purchase Licensing Rights , opens new tab
“Right now, we are getting screwed right and left because of the indiscriminate use of tariffs. That’s the reality for Main Street,” Pocan said.
Bessent countered that he had met with over 50 small lenders.
He also pushed back against questions about a possible U.S. recession, saying the data did not show a downturn and predicting that Commerce Department data showing a contraction in the first quarter would likely be revised upward.
The Commerce Department reported last week that GDP decreased at a 0.3% annualized rate last quarter, the first contraction reported in three years.
Trump and top officials, keeping a close eye on negative sentiment in financial markets, have been predicting a trade deal announcement for weeks. On Sunday, Trump told reporters some trade deals could come this week, but gave no details.
Wall Street’s main indexes declined on Tuesday as investors tried to navigate the uncertainty surrounding tariffs, while awaiting the Federal Reserve’s interest rate decision this week.
Administration officials have suggested that India and Japan could be the first countries to sign a trade agreement to lower the tariff rates Trump has threatened. Trump told the NewsNation television network last week that he had “potential” trade deals with India, South Korea and Japan.
Bessent’s comments on the lack of negotiations with China came after Trump on Sunday said that he had no plans to speak with Chinese President Xi Jinping this week, but U.S. officials were speaking with Chinese officials about “different things.”
In an interview with NBC News broadcast on Sunday, Trump acknowledged that he had been “very tough with China,” essentially cutting off trade between the world’s top two economies, but said Beijing now wanted to reach an agreement.
“They want to make a deal. They want to make a deal very badly. We’ll see how that all turns out, but it’s got to be a fair deal,” he said at the time.
Reporting by Andrea Shalal and David Lawder; Editing by Chizu Nomiyama, Andrea Ricci and Marguerita Choy
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