By Mure Dickie in Tokyo
Published: September 28 2010 19:18 | Last updated: September 28 2010 19:18
China’s de facto ban on rare-earth exports to Japan imposed during the two countries’ diplomatic feud will propel Tokyo to seek new sources of the strategic minerals, according to Japan’s new economics and fiscal policy minister.
In an interview with the Financial Times, minister of state Banri Kaieda called on China to lift export restrictions “as soon as possible”.
Mr Kaieda added that Japan would try to develop substitutes for their use in high-tech products.
His comments underscore growing international concern about China’s dominance of production of rare earths, which are used in high-tech products ranging from precision-guided weapons to hybrid cars.
China’s imposition earlier this year of new general quotas on rare-earth exports had already sparked efforts in the US to revive production of the minerals.
Beijing has denied that it imposed any ban on rare-earth exports to Japan. Traders say, however, that shipments from Chinese ports have been repeatedly delayed without explanation, this amid tensions following a clash between a Chinese fishing boat and Japan coast guard in the East China Sea. “In reality there is an export ban on rare earths,” Mr Kaieda said. “It’s important that China stop this extremely abnormal action at the earliest possible time.”
The minister, appointed in a cabinet reshuffle two weeks ago, stressed the importance of good relations between Asia’s two biggest economies.
He said that Japan was willing to continue to be a major buyer of rare earths from China, which accounts for more than 90 per cent of global supply.
However, Mr Kaieda noted that Japan had been ill-prepared for what he called the “surprise attack” of Chinese export curbs.
“[It seems] there’s a need to put effort into developing substitute products,” that could play the same role as rare earths in high-tech products, he added.
Tokyo would also look to develop alternative sources of supply for rare earths, Mr Kaieda said. Such a policy could prove “effective” in helping reduce upward pressure on the exchange rate of the yen.
Naoto Kan, Japan’s prime minister, speaking to the FT last week, cited development of overseas resources as a possible part of a “total” package of measures to encourage a more “appropriate” currency level.
Resource-poor Japan already uses public financing institutions to support private-sector investment in overseas energy and mineral reserves, and Mr Kaieda suggested that the strong yen could smooth the purchase of foreign mining rights.
He said that other potential suppliers were in the reckoning: “I think we need to talk to those countries and get involved in those places.”
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