Japan Must Acquire a Taste for Competition

The Japanese food industry is creative, explains an essay in the Financial Times. But that industry heavily depends on imports. “Contemporary Japan’s rich culinary culture owes as much to the free flow of global trade in agricultural produce as to the creativity of its chefs,” writes journalist Michiyo Nakamoto. About 40 percent of Japanese calories are produced in the country, one of the lowest levels of food self-sufficiency among advanced economies. Japan continues to protect its rice industry with high subsidies, which contributes to an ongoing decline in rice stocks. “As one of the world’s largest food importers, Japan’s lack of food self-sufficiency could have a potentially damaging impact on supplies for other countries with less buying power,” warns Nakamoto. Industry competition contributes to quality and stability in supply. – YaleGlobal