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Japan Economy Newspaper Articles
Japan Economy Newspaper Articles
Japan Economy Newspaper Articles
Oct 6, 2015
Abenomics
Still, he said he is aware that many farmers are worried about a possible influx of cheap imports.
The government will form a task force, to be led by economy minister Akira Amari, to create a
comprehensive package of measures to help affected farmers, he said.
Japan will maintain a whopping 778% tariff on imported rice, but has agreed to increase the quota
for rice imports from the U.S. and Australia, by 78,000 tons to a total of 850,000 tons a year,
which is about 10% of annual domestic consumption. The changes could further depress domestic
rice prices, which hit their lowest level in decades last year as consumption continues to decline.
The tariff on imported beef will be lowered to 9% from 38.5% over 15 years. Japan imports 60%
of its beef, mainly from Australia and the U.S. The tariff on pork will also be cut. Japan imports
pork from the U.S., Canada and Mexico, while producing about half of what it consumes.
The import quota for butter and skim milk powder will also be raised, following recent shortages
of butter, as more Japanese enjoy eating breads, cakes and pastries.
Mr. Abe emphasized that TPP also presents opportunities for Japanese farmers, noting that other
countries will also open their markets to Japanese products, such as beef, rice and pears.
Lets not see the TPP as a threat, he said during a news conference. We want to give as much
support as possible to those who see an opportunity in the TPP and choose to compete in the
global market.
http://blogs.wsj.com/japanrealtime/2015/10/06/tpp-deal-expected-to-shake-upjapans-agriculture-sector/