Japan's government said Friday it will release up to 210,000 tons of rice from its stockpile in an effort to stabilize the supply in the market and counter-act rapidly rising rice prices.

The government will release up to 210,000 tons of its stockpiled rice, farm minister Taku Eto said Friday, in a bid to ensure smooth distribution of the Japanese staple amid soaring prices. The stockpiled rice will be handed over to wholesalers in mid-March after bidding and is expected to

The cost of rice is soaring in Japan, prompting the government to step in with its own stockpiles in a bid to stabilize the market.

The Japanese government said Friday it will release a fifth of its emergency rice stockpile after hot weather, poor harvests and panic buying over a "megaquake" warning nearly doubled prices