TOKYO (Nikkei) -- The Nihon Keizai Shimbun was cited as reporting in its Monday morning edition that Mitsubishi Corp. (MSBHY or 8058) and Takara Shuzo Co. (J.TSH or 2531) will, according to this story, establish a joint venture Tuesday to certify and label foods as non-genetically modified.

It will be the first private-sector firm to inspect and certify imported agricultural products as non-GM. Experts claim that about 400,000 tons, or 40% of the soybeans Japan imports each year, are probably genetically modified. The new company aims to handle at least half of that volume. Wheat and potatoes will join the list of foods to be checked. The firm will be capitalized at Y50 million, with Takara providing 60% of the funds and Mitsubishi 40%.

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