Japan swings from rice shortage to record surplus on output, imports, market distortions

Japan's rice market has flipped from a historic shortage to a record surplus, driven by increased domestic production, advanced imports, and local market distortions. The shift follows extreme heat and drought that caused the earlier shortfall, compounded by tourism demand and a trade dispute. The surplus signals potential price pressure and policy adjustments, though the durability of the glut and its market impact remain uncertain.