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Japan imports wheat at second-highest price on record; average 171 TP3T price increase from April.

The Ministry of Agriculture, Forestry and Fisheries (MAFF) announced on April 9 that it will raise the price of wheat imported by the government and sold to flour millers and others by an average of 17.31 TP3T from April compared to the first half of the year (October). The price is 72,530 yen per ton (weighted average of five grades, including tax). This is the second highest price since the current calculation method was adopted, following the October 2008 price (76,030 yen). This reflects the high international price of wheat, which has risen due to the tense situation in Ukraine and other factors. This will put pressure on the prices of various food products such as bread and pasta made from flour made from wheat.

Nihon Keizai Shimbun Reuters.