Japan and China have agreed to launch formal negotiations on a long-standing territorial dispute over gas field development in the East China Sea, Dow Jones reported. Japanese Prime Minister Yukio Hatoyama and visiting Chinese Premier Wen Jiabao also agreed to establish a diplomatic hotline between the countries. However, the two sides failed to agree on a common approach to North Korea’s alleged sinking of a South Korean navy vessel earlier this month. While Japan has already accepted the findings of an international investigation that blamed North Korea for the attack, China has stated it will remain "neutral."
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