Japan's Foreign Minister Fumio Kishida announced Friday that Japan removed all the economic and financial sanctions against Tehran after the United Nations Atomic Energy Agency confirmed last weekend that Tehran had fully taken steps to curb its peaceful nuclear program.
"Japan is willing to further strengthen cooperation with Iran as its traditional friend and contribute to the peace and stability of the Middle East," Fumio Kishida said as he made the announcement at a regular press conference in Tokyo.
According to Reuters, with lifting of the sanctions, Japanese insurance companies will be able to issue policies covering trade deals involving Iran. Japanese business will also be able make new investments in Iran's oil and gas sector.
An investment agreement between Tehran and Tokyo is expected to be signed soon. Japanese companies are already lining up to resume business ties with Iran, with Suzuki Motor Corp on Thursday saying it was considering returning to the Iranian market.