The government boosted its import budget for wheat and barley after record grain prices exhausted this year's allocation, causing the first funding shortfall for the purchases in almost three decades, the Finance Ministry said Tuesday.
The budget was increased by ¥55 billion, or 23 percent, to ¥298 billion for the year ending next March 31, the ministry said. Funding was ¥203 billion in the last fiscal year.
Wheat prices have gained 58 percent this year as adverse weather cut output in Australia and other producing countries, pushing global stockpiles toward a 32-year low.