the resources on this planet Earth. In other words, there are still potential resources to be tapped. There is still hidden productive potential to be capitalized on, and I mean that of the developing nations, developed nations, European Union, Americas and maybe Japan. According to Professor Brown, Japan has maintained very high prices of rice and yet Japan has not increased the production. In other words, the increase of rice does not warrant the increase of wood production. But that is not the proper observation. In Japan, we're trying to limit the production of rice. The same is true in the United States and also in the European Union. It is a policy matter which may be subject to criticism. But the fact that we are limiting, we are trying to reduce food production means that there are certain potentials that can be tapped. So, if the market is there where they can sell the products at a higher price, then people will start to produce, but that portion is missing in Professor Brown's report. But we do have some potentials, there are many factors of uncertainty.
In 1973, in the United States, the wheat price increased three fold all of a sudden. The petroleum crisis also triggered the increase of consumer prices and it has really caused many troubles on the side of world economy, including Japan. Now Japan is 100010 de-pendent on the import of soybeans from the United States. And all of a sudden, the US exports only half of Japan's need.
The fact that food exists on this planet Earth does not assure the distribution or the supply of that food. Food apparently seems to have the nationality, the place of origin. And when there is shortage of food, shall we transcend the national boundaries, and even they distribute food amongst those in need, maybe not. When there is a dire shortage, countries will tend to protect his or her own citizens to the fullest, maybe, at the expense of neigh-boring countries. So, even the distribution of food is not warranted.
Therefore, as I have said yesterday, not all countries share same set of agriculture re-sources: Climate is different; the rainfall is different; the area of cultivated land is different; all are different. And some countries have a very advantageous set of conditions for agricultural production, others not. Those disadvantaged countries, which have a lower income level, mostly the developing nations, the nations with very scarce agricultural resources would come under serious pressure at times of crisis. Therefore, international cooperation to overcome such is needed.
Also in 1975, the FAO meeting in Rome took place, and it was a good conference, an international conference. Up until then, the United States were the major suppliers/exporters of food to those countries in need, but in 1975, the United States declared that they can no longer bid as a supplier or exporter of food to other countries. Instead, they have called upon those countries to increase their food production. And at that time, it was also called upon the countries to accumulate their stock of reserve food, but this has never happened. We do not have a stockpile of food, but maybe, this is the right time to stop and think again that we should be building up a reserve, and this is a global responsibility.
This policy may generate economic losses. True, but it has ensured stability of society and, maybe, it is essential that we build such food stockpile.
