Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

The European Union and Japan will work more closely to counter economic coercion and address unfair trade practices, European Commission President Ursula von der Leyen told reporters on Wednesday.

The EU and Japan pledged on Wednesday to work together on championing a "free and fair" trade global system, as US tariffs and disputes with China rattle their economies.Facing a swirl of speculation over his future following a weekend election debacle,