Japan and the United States have agreed to boost bilateral collaboration to enable Japan to domestically produce advanced semiconductors as soon as possible.

Japan's industry minister Nishimura Yasutoshi and US Secretary of Commerce Gina Raimondo reached the deal while meeting in Washington on Thursday.

They were joined by senior officials from Japanese company Rapidus and US tech giant IBM. The firms announced a partnership last month to jointly develop advanced chips.

The corporate officials briefed Nishimura and Raimondo that they will use an IBM research facility to nurture engineers for Rapidus, and will also team up to expand their clientele.

Nishimura expressed the Japanese government's intention to support the business tie-up, calling it a symbolic project between Japan and the US.

Nishimura delivered a lecture in Washington later in the day in which he said, "Building up our economic security is a matter of great urgency."

He added, "As for semiconductors, biotechnology and other important emerging technologies, Japan and the US should join forces to together drive global innovation."