Japan's prime minister, Sanae Takaichi, proposed a new framework to coordinate critical-mineral stockpiles with like-minded nations to counter China's supply-chain dominance, the Japan Times reported on Tuesday, citing the premier at the recent G7 summit.
The plan likely calls for participating nations to hold at least 90 days' worth of critical minerals and coordinate with the IEA on joint releases during supply disruptions, the news daily said.
China extracts approximately 60% of global rare earths and controls roughly 90% of processing capacity, exerting considerable leverage over manufacturing sectors from EVs to defence equipment, the publication said.
Beijing imposed export restrictions on critical minerals and dual-use supplies after Takaichi's remarks last November regarding Taiwan, the report said.
The G7 summit follows Monday's announcement of a preliminary US-Iran deal to end their war, with a formal signing scheduled for Friday, it added.
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