Japanese Trade and Industry Minister Muto Yoji says he has high hopes for Nippon Steel's bid for US Steel. His comments follow recent remarks by United States President Donald Trump.

"The leaders of Japan and the United States share the view that the two steelmakers can work together to make excellent products for the US and global market," Muto said on Wednesday. "They agree that Nippon Steel should not take a unilateral approach, and that it needs to invest in the US and make the most of Japan's technology and funds."

Nippon Steel has consistently insisted on making the US firm a fully owned subsidiary. But Muto says the company is now considering a "completely different approach to create a win-win situation."

Trump has said no other country can hold a majority stake in the US steelmaker and Nippon Steel needs to make "big investments." He added he would discuss the matter with the Japanese steelmaker's executives this week.

Sources say Nippon Steel Vice President Mori Takahiro traveled to the US on Wednesday. He is expected to hold talks with US government officials to prepare for the Trump meeting.

Nippon Steel says chairman and CEO Hashimoto Eiji will leave for Washington once a date for the meeting has been set.