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A high number of bluefin tuna catches this year are causing prices to drop in Japan, reported the Nikkei index
Fishermen across Japan delivered 684 mt of fresh bluefin tuna to Tokyo's Tsukiji fish market last month, up eight per cent from a year earlier and the most since June 2008.
Wholesale prices at times during June were roughly 30 per cent cheaper than a year ago. Many bluefin tuna was traded for around US$9.76 per kg, or about half the average rate a year before.
According to the report, major ports in Japan have seen catches rise 50 per cent from the year-earlier period during the first five months of 2016.
Before this surprising turn of events, the tuna market in Japan was actually facing decline in consumption even while there was a steep rise seen on Japanese restaurants overseas.
Kyokuyo executive Taro Kawamoto said, “Japan should export technologies together with Japanese cuisine to respond to expanding demands of Japanese food overseas.”