- Home
- News Releases
- Back Issues
- March FY2026
- Minister Akazawa Attends Japan-U.S. Summit Meeting
Minister Akazawa Attends Japan-U.S. Summit Meeting
March 20, 2026
Mr. Akazawa Ryosei, Minister of Economy, Trade and Industry, who was in Washington, D.C., the United States, accompanying Ms. Takaichi Sanae, Prime Minister of Japan from March 18(Wednesday), to March 21(Saturday), attended the Japan-U.S. Summit Meeting between Prime Minister Takaichi and U.S. President Donald J. Trump on March 19 (local time).
The achievements of the summit in the economic sector are as follows:
1. Energy
With regard to the ongoing situation surrounding Iran, Japan and the United States agreed that both sides will continue close communication to achieve peace and stability in the Middle East region, including from the perspective of energy security. In addition, Japan confirmed that, in order to secure a stable energy supply, the two countries will cooperate in expanding U.S. energy production with crude oil procurement for Japan and Asia in mind. Japan has also expressed its intention to launch a joint project to stockpile crude oil procured from the U.S. in Japan.
2. Japan-U.S. Strategic Investment Initiative
On Thursday, March 19 (U.S. Eastern Time), on the occasion of Prime Minister Takaichi’s visit to the United States, the Governments of Japan and the United States issued a Joint Announcement on the Japan-U.S. Strategic Investment.
In the Joint Announcement, both governments stated the following:
- The two Governments welcome the steady progress in the implementation of the first batch of projects under the Japan-U.S. Strategic Investment Initiative.
- As a second batch of projects, the two Governments intend to further work together faithfully and swiftly on the details of the following vital projects in a coordinated manner, in line with the Memorandum of Understanding dated September 4, 2025: the construction of small modular reactors (SMRs) in Tennessee and Alabama (estimated amount: up to 40 billion USD); and the construction of natural gas generation facilities in Pennsylvania and Texas (estimated amounts: up to 17 billion USD and up to 16 billion USD, respectively).
- The two Governments look forward to proceeding with the Consultation Committee process in line with the Memorandum of Understanding to consider significant and promising future projects, including SMRs, large-scale nuclear reactors, and crude oil infrastructure to increase exports to Japan.
- The two Governments renew their commitments to supporting further business efforts that contribute to strengthening critical supply chains in both countries going forward.
These projects aim to reinforce Japan-U.S. cooperation in building supply chains in important strategic areas of economic security. In addition, the announcement of a second batch of projects demonstrates the commitment of Japan and the United States to working together to ensure a stable energy supply, which is extremely important amid the rapidly growing electricity demand and in light of the current situation, including that in the Middle East.
For Japanese companies, these projects will also provide opportunities for business expansion through the supply of related facilities and equipment. Going forward, if investments in the second batch of projects are made after further coordination, the following benefits are anticipated:
- Japanese companies such as Hitachi GE Vernova Nuclear Energy, Ltd., IHI Corporation, The Japan Steel Works, LTD., as well as small and medium-sized enterprises, including TAMAGAWA SEIKI CO., LTD. and TLV CO., LTD., are expected to supply related equipment for the construction of small modular reactors (SMRs) in Tennessee and Alabama.
- The construction of natural gas generation facilities in Pennsylvania and Texas is also expected to benefit Japanese companies, as with the gas-fired power project in the first batch of projects.
Japan will continue to work closely with the United States through these initiatives.
Related Material
3. Critical Minerals
(1) United States-Japan Action Plan for Critical Minerals Supply Chain Resilience
Japan and the United States have compiled an Action Plan for Critical Minerals Supply Chain Resilience a. Taking this Action Plan into account, Japan will continue to hold constructive discussions with the United States and other like-minded countries.
Highlights of the Action Plan
Japan and the United States will:
- Discuss trade policies and mechanisms, such as border-adjusted price floors or other measures for critical minerals imports, with other participants.
- Discuss ways to maintain and strengthen midstream and downstream industries’ competitiveness.
- Further consult on how such border-adjusted price floors or other measures may be embodied, as well as on any other provisions that would be necessary to ensure supply chain resilience.
- Identify specific mining, processing, and manufacturing projects for critical minerals of mutual interest in the United States, Japan, or third countries, and prioritize financing and other policy support for these projects, while endeavoring to bring more transparency to the market by sharing geological information on critical minerals.
Related Material
(2) Joint Fact Sheet for Japan-U.S. Critical Minerals Project Cooperation
Japan and the United States welcomed the confirmation of cooperation on projects contributing to the strengthening of critical minerals supply chains at the Japan–U.S. Mining, Minerals and Metals Investment Ministerial held in Tokyo on March 14. In this context, the Ministry of Economy, Trade and Industry (METI) has issued a Joint Fact Sheet for relevant projects. Through the promotion of specific projects, including those related to copper and rare earths in the United States and those in third countries that contribute to supply chain resilience in both countries, Japan will work with the United States to strengthen the resilience of Japan-U.S. critical minerals supply chains.
Related Material
(3) Memorandum of Cooperation Regarding Deep-Sea Mineral Resource Development Between the Ministry of Economy, Trade, and Industry of Japan and the Department of Commerce of the United States of America
Minister Akazawa and Mr. Howard Lutnick, Secretary of Commerce of the United States of America, signed a Memorandum of Cooperation aimed to promote cooperation in deep-sea mineral resource development. The two sides confirmed to establish a working group to explore potential areas of cooperation in deep-sea mineral resource development, including Japan’s rare-earth mud project near Minamitorishima Island, and fostering exchanges with experts, researchers, and industry stakeholders.
Highlights of the Memorandum of Cooperation
Japan and the United States will:
- Share information on deep-sea mineral resource development projects in both countries to explore potential cooperation.
- Present technologies related to deep-sea mineral resource development and organize scientific and technical exchanges with relevant experts and researchers.
- Engage with industry stakeholders to exchange views, share information, and facilitate partnerships.
- Explore opportunities for the mutual utilization of relevant assets related to deep-sea science and mineral resource development.
Related Material
Related Link
Divisions in Charge
Americas Division, Trade Policy Bureau
- (1. Contact point for inquiries regarding Item 1)
International Affairs Division, Commissioner's Secretariat, Agency for Natural Resources and Energy
- (2. Contact point for inquiries regarding Item 2)
Trade Finance Division, Trade Policy Bureau - (3. Contact point for inquiries regarding Item 3 (1))
Office of the Principal Director, International Economic Affairs Department, Trade Policy Bureau
- (4. Contact point for inquiries regarding Items 3 (2) and 3 (3))
Mineral Resources Division, Manufacturing Industries Bureau
Download(To Adobe site)