Japan's government said on Friday that profits from a $550 billion investment package agreed in this week's tariff deal with the U.S. would be split between Japan and the U.S. according to the degree of contributions by each side.

U.S. President Donald Trump on Tuesday said the U.S. and Japan have struck a deal that will lower the hefty tariffs Trump had threatened to impose on goods from its Asian ally while extracting commitments for Japan to invest $550 billion US in the United States and open its markets to American goods.

In his characteristic way, Trump says his Japan announcement is "massive", describing it as "the largest trade deal in history". He also claims his breakthrough meeting with Philippine President Ferdinand Marcos Jr was "beautiful".