The agriculture ministry proposed Thursday that the government increase the price floors for domestically produced beef and pork for the first time in about three decades, as rising feed grain prices boost costs for livestock farmers.
The pork price floor would rise to ¥380 a kg in April from ¥365, and for beef it would rise to ¥790 a kg from ¥780, the Agriculture, Forestry and Fisheries Ministry proposed at a panel meeting attended by farmers and consumer groups.
Japan is the world's largest corn importer.
Corn and soybean prices in Chicago have climbed to record highs, boosting costs for Japanese farmers dependent on overseas supplies for almost all their feed grains. Producers have difficulty passing on increases as meat prices are capped by imported products.
Japan's wholesale inflation rose at its fastest pace in 27 years in January as commodity costs gained.
The price floor increases would be the first for pork in 31 years and the first for beef in 27 years.
The government can buy meat from the market if prices fall below the government-imposed limit, providing protection for farmers. The ministry reviews price floors once a year and changes them if recommended by the panel.
Corn futures on the Chicago Board of Trade rose to a record $5.2875 a bushel Feb. 6.
Corn is the biggest ingredient in Japanese compound feed used for livestock, and soybean meal is the second-largest.