President Biden meets with Japan's Prime Minister

Yahoo Finance's Jessica Smith breaks down what to expect from President Biden's meeting with Japan's Prime Minister Yoshihide Suga.

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SEANA SMITH: President Biden hosting Japan's prime minister at the White House today. A news conference is expected to get underway any minute inside the Rose Garden. And Jess Smith has a closer look at what we can expect. Jess.

JESSICA SMITH: Yeah, Seana, the two leaders were in meetings this afternoon. We did see them briefly as they started one of their meetings. We saw them there alongside the Secretary of State, Secretary of Defense and Treasury. Both leaders at the top of that meeting just expressed how important the relationship between the US and Japan is. We know that this is the first foreign leader to be at the White House in person during President Biden's administration. And the White House is really trying to send a message just how important this relationship is.

We are expecting the two leaders to announce a $2 billion 5G initiative, according to a senior administration official. We are waiting on the details of that push, but of course, 5G is a key area of competition with China. We are expecting China to be a key part of this press conference, a key part of the meetings earlier today. The administration had planned to talk about human rights issues, tensions in the region, and economic competition.

The president is also set to meet with the South Korean president in the coming weeks. And of course, this is all a part of that broader effort to strengthen relationships with allies in the region. The administration has talked about how important it is, why they are choosing the South Korean and Japanese leaders to come to the White House first.

Other topics that likely came up in the meeting today that the administration said they were going to address include North Korea, climate change, and the Summer Olympics that are set to be held in Tokyo, all issues that we expect the two leaders to address. Again, they are expected to come out and have a joint press conference at any minute now. So I'll have to keep you updated on what we learn about that 5G initiative and some of the other issues that they're going to tackle today.