Japan and France are reportedly on the brink of reaching an agreement on the joint procurement of rare earth minerals. This development comes amidst growing concern about the dominance of one major producer in the market, leading to the two nations seeking alternative sources to secure a steady supply of these critical minerals used widely in tech and industry. Details of the agreement, including when and where it will be implemented, are yet to be released.

Japan is heavily dependent on imported rare earth minerals, vital for its thriving technology and automotive industries, among others. However, with more than 90% of the rare earth market controlled by a single producer, there's unease about potential supply disruption or price manipulation. This deal reaffirms Japan's pursuit of trade diversification and resource security.

Similarly, in the US or EU, the dependency on rare earth elements from a single source has raised alarms. Such issues led to the formation of a U.S.-led resource procurement alliance with several others including Canada and Australia, much akin to the Japan-France agreement.