China has shipped its first exports of rare earth minerals to Japan since an unofficial embargo began in September, the AP reported. While Beijing has denied any ban on rare earth exports to Japan, Japanese officials say that an unofficial embargo has been in place since a diplomatic row in September over Tokyo’s detention of a Chinese fishing boat captain. Rare earth exports have been held up in shipyards due to increased paperwork and inspections. China produces roughly 97% of the world’s rare earth minerals, raising questions in Tokyo and elsewhere about the political ramifications of its market monopoly. Separately, Japan’s Sojitz (2768.TYO) announced it would partner with Australia’s Lynas (LYC.ASX) to supply Japan with rare earth minerals.
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