At a Tokyo meeting, the foreign ministers of China and Japan have agreed to lift virus-related travel restrictions by the end of the month, according to Bloomberg. The two countries also re-stated their differences over the disputed islands in the East China Sea.
- The Tokyo meeting calibrates China’s focus to strengthen ties with key American allies ahead of U.S. presidential-elect Joe Biden’s inauguration next year.
- Chinese foreign minister Wang Yi and Japanese counterpart Toshimitsu Motegi reiterated that stable Japan-China ties are important for the region and world.
- The foreign ministers agreed on:
- Setting up a defense hotline by the end of the year.
- Restarting a high-level economic dialogue next year.
- Cooperating on the Tokyo and Beijing Olympics.
- Sharing expertise on the coronavirus.
- Establishing a framework for talks on climate change and agricultural trade.
- Bringing the RCEP trade agreement into force quickly and moving forward on a South Korea bilateral trade deal.
- Motegi pressed for forward-looking action on the disputed islands of Senkaku in Japan and Diaoyu in China, but Wang responded that China would defend its rights over the isles.
- Both foreign ministers will meet again on Wednesday for further talks.
China and Japan stocks are mixed. NIKKEI 225 is up 2.50%, SSE Composite Index is down 0.34%, HSI is up 0.39%