Japan and Australia have agreed to set up an annual finance ministers' dialogue. The move aims to deepen cooperation on economic policy and economic security. The deal was signed in Tokyo on Monday.

Japan's finance minister Satsuki Katayama and Australia's treasurer Jim Chalmers signed a memorandum of understanding. It runs for five years. The framework will focus on energy and fuel security.

It also covers investment in critical minerals. The two sides want secure supply chains, including in the defence industry. This is Japan's third finance dialogue with a major regional partner.

Tokyo has similar frameworks with South Korea and China. Australia is a key supplier of natural resources to Japan. It is one of Japan's main sources of liquefied natural gas.

Both ministers said the dialogue would help stable growth in the Indo-Pacific. The ministers met in Tokyo on Monday. They discussed macroeconomic outlook, investment, and international cooperation.

Japan's finance ministry published the memorandum text. The dialogue is effective for five years.