Japan is ramping up efforts to reach out to its Group of Seven peers and beyond amid mounting concerns over China’s grip on rare earths as the dispute with Beijing escalates.
Finance Minister Satsuki Katayama said she will meet with counterparts of other industrialized democracies to discuss critical minerals during a trip to the U.S. starting Sunday, while Defense Minister Shinjiro Koizumi is also set to hold talks with his U.S. counterpart on Thursday. At home, Prime Minister Sanae Takaichi will be holding a summit with South Korea’s Lee Jae Myung next week to reaffirm the alliance between the two key U.S. allies.
“The fundamental consensus among the G7 nations is that it is unacceptable for countries to secure monopolies through non-market means,” Katayama told reporters on Friday, referring to China’s past actions regarding critical minerals. “This poses a crisis for the global economy and is extremely problematic for economic security.”