Rice as a Financialized Food in the Japanese Empire: Colonial Imports and Exchanges’ Futures Trade

抄録

Since 2024, rice prices have increased, raising public concerns regarding the affordability of staple foods and making food-related financial transactions a key issue. Japan has maintained strict oversight of its rice market since 1939. Before the post-1939 period, Japan actively and financially engaged in rice trading in thriving markets. These historical experiences offer important insights into current rice price policies. The various intrinsic factors that have historically influenced these markets must be recognized. This study focuses on colonial rice imports as a notable example. Major Japanese cities hosted rice exchanges that set index prices for the spot market. While these exchanges only traded domestic rice, major cities relied heavily on colonial rice supplies, and fluctuations in colonial rice prices would significantly affect domestic prices. Rice prices in Taiwan and Korea had different effects on domestic markets because their harvest seasons differed. Although the Japanese rice market generally served its function, it was sensitive to factors that affected the quantity and quality of rice distributed, leading to instability. Therefore, further historical studies are required to identify the factors that caused the instability of the rice market during this period.