The talks followed Lee’s meeting with Chinese President Xi Jinping in Beijing a week earlier. The pair had last year also held discussions on the sidelines of the Asia-Pacific Economic Cooperation forum in Gyeongju in October and the G20 summit in South Africa in November.

The latest summit took place against the backdrop of China’s move to restrict exports of certain strategic materials to Japan, a step widely interpreted by analysts as retaliation for Takaichi’s remarks suggesting Tokyo could militarily intervene in the event of a conflict over Taiwan.

Although rare earths were not explicitly mentioned in the joint press release, analysts said supply chain risks were likely discussed behind closed doors, given the knock-on effects for South Korea’s export-driven economy.

The two leaders agreed to deepen inter-ministerial discussions to pursue “strategic and mutually beneficial cooperation in the areas of economic security”, Takaichi said.