Japan’s industry minister, Ryosei Akazawa, arrived in Washington on Wednesday to finalize the initial batch of Japanese investment projects in the United States under a bilateral trade agreement.
Akazawa is set to meet U.S. Commerce Secretary Howard Lutnick on Thursday to refine details of Tokyo’s investment plans. Both officials have collaborated closely since the two nations reached the trade accord in July last year.
Under the agreement, Japan pledged to invest $550 billion across key U.S. industries in exchange for tariff reductions on Japanese goods by President Donald Trump’s administration. The targeted sectors include critical minerals, semiconductors, artificial intelligence, energy, and shipbuilding, aligning with both nations’ economic and national security goals.
Before departing from Tokyo’s Haneda Airport, Akazawa told reporters he hoped to hold “in-depth discussions” with Lutnick and would make an announcement soon if progress was made. Upon arrival near Washington, he declined to comment.
Sources familiar with the coordination said the construction of gas-fired power plants for data centers and synthetic diamond production for semiconductors are among top contenders for the first round of investments.
Since December, Japanese and U.S. officials have held several meetings of a joint consultation committee to narrow down project options. The memorandum of understanding stipulates that Trump will ultimately select recommended projects based on proposals from an “investment committee” chaired by Lutnick and composed entirely of U.S. officials, while the consultative committee provides preliminary recommendations.
A veteran negotiator, Akazawa previously represented Japan in tariff talks with Washington under former Prime Minister Shigeru Ishiba, visiting the U.S. ten times before signing the memorandum with Lutnick in September as Japan’s minister for economic revitalization.
His current visit comes ahead of Prime Minister Sanae Takaichi’s trip to Washington next month—her first since taking office in October. Trump confirmed last week that he will meet Takaichi at the White House on March 19.