The Australian government aims to sign binding, commercial contracts with Mitsubishi Heavy and the Japanese government in 2026.

Australia says it has accepted a Japanese company's bid for a lucrative and hotly contested contract to build Australian naval vessels, expected to be worth 10 billion Australian dollars ($6.5 billion).

Canberra will purchase 11 Mogami-class frigates in what will be Tokyo’s biggest-ever defense contract — a breakthrough for Japan's defense industry.