Japan's Ministry of Agriculture, Forestry and Fisheries has finalized plans to repurchase 210,000 tons of government reserve rice released in 2025, with a negotiated contract scheduled for Sept. 18. The move would mark the first time Japan has bought back reserve rice after releasing it. The ministry originally secured fiscal 2026 funding for 150,000 tons but is considering an additional 60,000 tons as private inventories reach record highs. Those inventories reflect a recovery in 2025 rice production and weaker demand after prices surged. The ministry is expected to make a final decision after reviewing the nationwide harvest outlook released on the evening of the 31st, followed by a formal announcement. Officials aim to rebuild depleted reserves, while sufficient supply could limit the risk that the repurchase drives rice prices or broader inflation higher. Because current prices have stabilized from their 2025 peaks, procurement costs could potentially be below the revenue generated when the rice was released. The ministry will determine the final purchase volume and budget measures based on the harvest outlook, with attention focused on the reserve program's effect on supply, demand and consumer prices.