Rice Futures to Be Delisted from Dojima Exchange

Politics Economy

Tokyo, Aug. 6 (Jiji Press)--Rice futures are expected to be delisted from the Osaka Dojima Commodity Exchange, after Japan's agriculture ministry rejected a request for a permanent listing on Friday.

Rice futures are currently traded on the commodity exchange in the western Japan city of Osaka on a trial basis, the period of which runs out on Saturday.

"We will withdraw completely (from rice futures trading) because of this result," Kazuhiro Nakatsuka, president of the exchange, said at a news conference in Tokyo. "(Rice futures) are a symbol of Dojima, so it is really regrettable that we will lose them. I am very sorry (market participants)," he added.

The exchange filed for agriculture ministry approval on July 16 for a permanent listing of rice futures, but it was told by the ministry on July 27 that the futures do not meet the criteria for a permanent listing, given the small number of participating producers.

In a ministry hearing on Thursday, the exchange argued that the number of producers participating in the futures trading grew from two at the start of the trial period to 66 over the past 10 years.

[Copyright The Jiji Press, Ltd.]

Jiji Press