From 2 Billion to 200 Million: Tuna Auction Prices Plummet in Japan Due to COVID-19

Impact of COVID-19 Measures Such as Reduced Restaurant Hours and Stay-at-Home Advisories
Significant Drop Compared to 3.5 Billion in 2019 and 2 Billion in 2020
Japanese Government Likely to Enforce Stay-at-Home After 8 PM and Suspend Restaurant Operations

In the early morning of the 5th, a successful bidder is inspecting a 208kg bluefin tuna sold at the first tuna auction of the year at the Toyosu Fish Market in Tokyo, Japan. The highest bid on this day was 20.84 million yen (220 million won), about one-tenth of last year's highest price of 190 million yen. Tokyo, Japan = Reuters·Yonhap News [Image source = Yonhap News]

[Asia Economy Reporter Ryu Taemin] In the early morning of the 5th, the highest bid price at the first tuna auction of the new year held at the Toyosu Fish Market in Tokyo, Japan, was 20.84 million yen (220 million won), which is one-tenth of last year's price. It is interpreted that the price plummeted compared to previous years due to reduced dining-out demand amid the impact of the novel coronavirus infection (COVID-19).

According to NHK on that day, the tuna sold at the highest price in this year's first tuna auction, which started at 5 a.m., was a 208 kg tuna caught in Oma, Aomori Prefecture, northern Japan.

Usually, the price of tuna sold at the first auction of the new year is regarded as a benchmark to gauge the tuna prices for that year, attracting attention. At last year's first fish market auction, the highest-priced tuna was sold for 190 million yen. In 2019, which recorded the highest price ever, it was traded for 333.6 million yen. On the other hand, this year’s price was only about 6% of the all-time high.

Japanese media interpreted the decline in tuna prices as reflecting the impact of COVID-19. Since the 26th of last month, the Tokyo Metropolitan Government has ordered all restaurants and bars to close after 10 p.m. and urged residents to refrain from going out. From the 8th, it is expected that the curfew will be strengthened to 8 p.m.

The Japanese government plans to declare a state of emergency on the 7th as the spread of COVID-19 intensifies. The government views company dinners as a major route of infection spread and is expected to focus on shortening business hours of restaurants nationwide.

The tuna auction on that day implemented quarantine measures such as limiting the number of participants to prevent the spread of COVID-19. A market official said, "This year, the auction was not as fierce as in previous years."

This content was produced with the assistance of AI translation services.