EVIAN, France (Jiji Press) -- Japanese Prime Minister Sanae Takaichi has proposed that the Group of Seven major industrialized countries jointly stockpile critical minerals including rare earths.

The "Joint Stockpiling Cooperation Initiative" proposed by the Japanese leader at a working dinner on the first day of the three-day G7 summit in Evian, eastern France, is aimed at countering export controls by China, which has an overwhelming share of the global market for critical minerals.

Through the initiative, Japan, which already has its own stockpiling system, plans to help other G7 members establish such systems in order to promote mutual cooperation.

According to Japanese government sources, coordination is under way for including the initiative in an outcome document at the annual summit.

The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union.

Citing Iran's blockade of the Strait of Hormuz, a key waterway for Middle East crude oil, at the dinner session, Takaichi said the crisis "highlighted the importance of stockpiling critical minerals."

"Accelerating G7 cooperation for strengthening supply chains, including for critical minerals, is important," she said. Takaichi also called for speeding up the diversification of supply sources with like-minded countries and supporting mineral-rich countries.

The prime minister explained growing military and economic coercion by China in the East China and South China seas, calling for coordinated responses by the G7 countries. She also expressed concern over North Korea's nuclear and missile development, military buildups and cryptocurrency theft.

Meanwhile, Takaichi welcomed the latest agreement between the United States and Iran to end their conflict, saying "it is a significant step toward de-escalating the tensions."

"As the only country that suffered nuclear attacks, Japan calls for the prevention of nuclear weapons development by Iran and G7 cooperation over the matter," she said.