'Black Diamond' Tuna Price Plummets

Mar 06, 2024 | News On Japan

TOKYO - Bluefin tuna, often referred to as the "black diamond" of the sea due to its rarity, is known for its rich, melt-in-your-mouth texture. However, the market is currently experiencing a surprising shift, with the price of premium bluefin tuna significantly dropping.

Customers are pleasantly surprised, finding that the once-expensive delicacy is now within reach. "It's quite large, yet affordable," one customer remarked. "It's really cheap. I'm really happy and grateful," added another.

At one store, the price of mid-grade bluefin tuna from Spain has dropped from 1,580 yen per 100 grams last year to just 980 yen, a 40% reduction. Shinichi Yamazaki, chief of Nakayo Shoten's Musashi-Koyama store, commented, "I've been working here for over 18 years, and I've never seen the market this low. Despite the reduced price, the quality is still excellent."

In December two years ago, the price of frozen bluefin tuna exceeded 4,200 yen per kilogram. By last December, it had fallen to around 3,200 yen, a drop of nearly 1,000 yen in one year.

This unprecedented price drop, particularly for imported frozen bluefin tuna, has left many wondering why. According to Chief Yamazaki, the demand surged post-COVID, leading to a global shortage of tuna. Prices soared to unprecedented levels, but they were raised too high, causing consumers to back away. As a result, suppliers ended up with excessive stock that shouldn't have been there in the first place.

With new tuna catches beginning last month, suppliers are now burdened with even more stock, further driving down prices. Additionally, a downturn in the South Korean economy, a major competitor in the bluefin tuna market, has led to fewer buyers, contributing to the price drop.

Tsuyoshi Kumazawa, representative of Goshu Godo Company, which imports tuna, explained, "Spending on real estate has increased, leaving less money for food. (Consumers) couldn't keep up with the price of bluefin tuna."

So, how long will these low prices last? Chief Yamazaki believes it will continue as long as the surplus stock persists, likely for a few more months. "Bluefin tuna, considered the most delicious type of tuna, is now at this low price. I really want everyone to try it," he said.

Source: ANN

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