Japan’s chief negotiator Ryosei Akazawa said only 1% to 2% of the headline $550 billion economic-partnership fund announced with the United States will take the form of direct equity investment, with the overwhelming balance provided as loans and credit guarantees backed by the Japan Bank for International Cooperation and Nippon Export and Investment Insurance. Akazawa told national broadcaster NHK that profits from the equity portion would be split 90-10 in Washington’s favour, but that the U.S. would have to assume a proportional share of risk and financing. Tokyo had initially sought a 50-50 division, he said. The remarks contrast with earlier statements from U.S. officials, reported by the Financial Times, that suggested American investors were assured of a much larger share of returns from joint projects. No joint document has been signed, underscoring unresolved details in what both governments hailed as a swift accord reached after Washington’s April imposition of a 145% tariff on Chinese goods. Japan estimates it will save roughly ¥10 trillion ($68 billion) through the deal’s planned reduction of U.S. tariffs to 15% on Japanese automobiles and other exports. Akazawa aims to have the full funding mechanism operating before the end of President Donald Trump’s current term, though key implementation dates and project lists remain unsettled.