The Global Bluefin Tuna Trade

Bluefin tuna is extremely sought after in Japan, as it remains a key ingredient in a number of sushi and sashimi recipes. While the in-demand fish is tasty to eat, it is also expensive to come by, selling for $40 per pound in Japan. However, the price is often determined by the time of year and the current bluefin tuna demand, meaning that numbers can soar way above the $40 average. In fact, a 612-pound bluefin tuna once sold for $3 million in Japan. Unfortunately, the reason behind these astronomically high prices is the fact that bluefin tuna is now in danger of going commercially extinct around the world. With the fish being a huge part of Japanese culture and a key ingredient in one of their most popular delicacies, the Asian country is fighting hard in order to protect the current global stocks.

In 2017, nations around the globe who commonly fish the bluefin tuna came together and agreed upon a plan by which to allow the fish to replenish themselves. Japan was joined by other global heavyweights, including the United States of America, South Korea, and Canada in coming up with ideas to rebuild the Pacific Ocean’s tuna stocks. The plan was to rebuild the number of wild tuna in the Pacific up to 20% of their historic levels by the year 2034, thus ensuring a steady supply for years to come, while also avoiding a global extinction. Each of these nations would have to adhere to a set catch quota, meaning that they would only be able to fish a certain number of Pacific tuna. If the chances of meeting their original 20% of historic levels quota dropped below 60%, the nations also agreed that they would each lower their catch quotas even further.

Unfortunately, in the months and years that followed, the plan began to fall apart. While, on paper, it seemed as if it would work, the nations involved often broke their promises, exceeding the set catch quotas. Japan then agreed to halve the number of juvenile bluefin tuna catches in order to allow those left in the ocean to procreate naturally. However, once again, the country has often failed to live up to such aims. Fishermen in Japan have been catching bluefin tuna for centuries and it has become the bread and butter of their livelihood. Understandably, with a family to feed, many are reluctant to adhere to such catch quotas and fishing promises. In order to combat this, the Japan Fisheries Agency authorized the suspension of anyone caught overfishing above their quota from 2018 onwards. In order to keep track of this, fishermen are required to submit their personal catch numbers to the authorities, which are then reviewed. Anyone caught going above and beyond their quotas can be punished with a hefty fine or even up to three years in prison. 

The sushi and sashimi market is one of the main destinations for all tuna production, with bluefin being the most valuable species on the market. This has been the case for the past fifty years, mostly due to its popularity in Japan. Japan is largest importer of bluefin tuna in the world, although consumption around the world has been on the rise. As supply volumes have dwindled, prices have only climbed higher. As well as new fishing quotas designed to limit the number of bluefin tuna caught each year, tuna ranching has also become a popular trend. Ranch tuna provide a more affordable option to Japanese consumers who are no longer able to afford wild bluefin. However, the infamous wild bluefin tuna can still be purchased at the Tosoyu Fish Market in central Tokyo.

The Tosoyu Fish Market is a short distance from the legendary Tsukiji Market which covered an incredible 230,000 square metres and was seen as a global hub for seafood imports, selling to restaurants, chains, retail outlets, and small consumers alike. Not only that, but the Tsukiji Fish Market had become somewhat of a tourist destination. Part of the allure of this market was the tuna fish auction, in which wealthy Japanese businesspeople went head to head, bidding far beyond the normal market prices in order to purchase the very first tuna of the New Year. In the 2018 auction, the winning bidder paid a huge £240,000 for a giant tuna.