February 24/Tokyo/Asia Pulse -- The Japanese government has announced plans to hike wheat prices by 18%. The average price will come to 56,710 yen ($689) per ton, as wheat prices around the world soar amid concerns about a possible shortage due to soaring demand from developing economies coupled with adverse weather conditions in wheat-producing regions.
In Japan, the government single-handedly imports wheat and sells it to flour millers at prices determined semiannually in April and October, based on its preceding half-year purchase prices.