Japan suspends tuna fishing operations
In an extraordinary meeting, the Japan Tuna Fisheries Cooperative Association (Tuna Japan) decided to suspend fishing operations of all its 233 member vessels effective 1 August 2008. The duration of the suspension would run from 2 months to 2 years depending on each vessel’s fishing plan. This move was a reaction to high fuel prices, making tuna fishing non profitable. The tuna boat owners hope that tuna prices will move up-ward in view of the sharply reduced supply.