London, April 2 (Argus) - French President Emmanuel Macron said yesterday at a press conference with Japanese Prime Minister Yosuko Aso that France and Japan will strengthen cooperation in key minerals and develop rare earth technologies and supply chains.
The Japanese Ministry of Foreign Affairs stated that during Macron's state visit to Japan, the leaders of the two countries discussed their concerns about export controls on rare earths and other key minerals, and agreed that it is necessary to enhance the resilience of the supply chain for key minerals.
Since China imposed export controls on seven rare earth minerals on April 4, 2025, end-users in France and Japan have been under pressure. Many companies involved in aerospace and defense have been unable to obtain licenses, and some of these companies are unwilling to provide the material information required for obtaining the licenses.
China's rare earth exports to Japan dropped significantly in 2026. Since China implemented the controls, the spot price of yttrium (a rare earth widely used in defense and aerospace) in Europe has soared by more than 11,000%. Japanese buyers are becoming increasingly active in the Atlantic market as they are seeking alternative resources.
As China's largest export market, Japan has been seeking partners and striving to develop the rare earth supply chain outside China. On March 23, Japan signed an agreement with the United States to strengthen cooperation.
Macron said that the agreement between Japan and France includes investing in the development of innovative rare earth mining technologies.
