Production adjustment program
Announced that it planned to abolish the long-standing rice production adjustment programme by end March 2019. The plan envisages a gradual reduction of the subsidy of Yen 15,000 per 10are (USD 1 476 per hectare) granted to producers adhering to the rice diversion programme and the abolition of payments made to farmers in the event that prices fall below previous years level. At the same time, production of non-table rice is to be actively promoted via increases in the Yen 80,000 per 10are (USD 7 872 per hectare) subsidy offered to farmers producing rice for flour or animal feed. Separate plans also aim to promote the consolidation of land from small-holders for lease to larger-scale farming operations.
Exchange rate as of 15 March 2014.