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Japan to cut wheat import prices on low freight costs and TPP

Japan will slash its sales prices for imported wheat by 1.7 percent from April, due to a drop in freight costs and a cut in the country’s mark-up prices following the Trans-Pacific Partnership (TPP) agreement.

The agriculture ministry announced on March 8 that it will set the weighted average selling prices for five varieties at 54,630 yen a metric ton.

Japan has cut its mark-up prices on imported wheat, a move to lower the cost of imported wheat for Japanese millers and help them to compete with wheat imports.

Japan is one of the world’s largest wheat importing country, with 90 percent of 6 million metric tons of annual consumption coming from overseas, mainly the U.S., Canada and Australia.

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