A team of Japanese scientists have found a large source of rare
earth minerals in the country’s surrounding Pacific Ocean. The
deposit, believed to be close to 6.8 million tons, is in the
seabed near the island of Minamitorishima, approximately 2000
kilometers (1,243 miles) to the east of Tokyo. The researchers,
led by University of Tokyo professor Yasuhiro Kato, say that
this is the first time such a large deposit of rare earths has
been found in Japan’s exclusive economic zone, and add that the
amount is enough supply Japan for almost 227 years worth of its
consumer electronics and hybrid car engine needs. It is believed
that close to 90% of the world’s rare earth minerals are found
in China alone, and 60% of those are imported by Japan. It isn’t
just Japan that feels the tight squeeze of China’s increasing
trade restrictions, as they are joined by both the U.S. and
European Union in seeking the World Trade Organization (WTO)’s
help in putting an end to China’s unfair practices. China claims
its limitations