A sushi chain from Tokyo has paid a record 155.4 million yen or about $1.76 million in an auction for a single bluefin tuna this year at the first auction in the city's famous Tsukiji market.

The amount is about three times the previous record price that was set in the previous year. High bid values are usually recorded at the first auction at Tokyo's Tsukiji fish market. Sushi chain owner Kiyoshi Kimura, who paid the jaws dropping price admitted that the price was too high. He was behind the bid in the previous record price as well.

Experts have repeatedly warned that tuna stocks are dwindling and the variety of fish is a victim of overfishing around the world. The record breaking fish was caught off north-eastern Japan and weighed in at 222kg. The fish is lighter than the one that won previous year's record. The auction price is not really linked to the quality or size of the fish but is about the amount of publicity that the fish gets in the media. The auction at the market began today at 5:00 local time.

Mr Kimura immediately took his purchased fish to nearby branch of his Sushi Zanmai chain. He said that he thinks he has encouraged the country with his bid.