New Japanese Prime Minister Sanae Takaichi is expected to soon announce details of the US investment package within the framework of a newly agreed $550 billion deal on October 28 with President Donald Trump.
The package includes shipbuilding cooperation, along with Japan increasing purchases of soybeans, liquefied natural gas (LNG) and US pickup trucks, according to sources familiar with the negotiations.
The above moves are seen as being able to help ease Mr Trump's potential demands on Tokyo to spend more on defense. Takaichi has previously pledged to accelerate plans to increase the defense budget to 2% of GDP.
It was a very strong handshake, US President Donald Trump said while taking a photo with Ms. Takaichi at Akasaka Palace in central Tokyo on October 28.
President Trump expressed hope that Ms. Takaichi "will be one of the great prime ministers" of Japan, and congratulated her on becoming the first female prime minister of Japan.
That is special, Trump said at a bilateral meeting between the two delegations.
For her part, Ms. Takaichi presented President Trump with a golf club from the late Prime Minister Shinzo Abe - a golfing friend of his, a golf bag signed by the golf champion Hideki Matsuyama, and a golden ball of golf.
The female Prime Minister also praised Mr. Trump's efforts in resolving conflicts in the world, especially the situation in the Gaza Strip. In a very short time, the world has begun to enjoy more peace, said Ms. Takaichi.
Trump visited the palace in 2019 to meet Abe, who was assassinated in 2022.
The two leaders also signed an agreement to strengthen cooperation in the fields of minerals and rare earths, in order to reduce dependence on the supply chain controlled by China.
These materials play a key role in many products, from smartphones to fighter jets.
According to the White House's announcement, the goal of the agreement is to "support the two countries to achieve self-reliance and security in the supply chain of minerals and rare earths".
The document said that the US and Japan will collectively identify priority projects to address weaknesses in the rare earth and mineral supply chain, including derivatives such as permanent magnetes, batteries, catalysts and optical materials.
After the meeting, Mr. Trump and Ms. Takaichi are scheduled to visit the US Navy base in Yokosuka, near Tokyo, where the aircraft carrier USS George Washington is located, symbolizing the strong US military presence in the region.
Trump will then meet with the Japanese business community before leaving for South Korea on October 29, where he is scheduled to hold talks with Chinese President Xi Jinping, in the hope of reaching a "commercial war" agreement between the world's two largest economies.
