Japan and the U.S. have accelerated talks to select the first projects for a major $550 billion US-bound investment initiative from Tokyo, Reuters reported Monday, citing sources familiar with the matter.

A large-scale SoftBank Group (TYO:9984) data center construction project is among the short-listed candidates, said the news wire.

The two governments aim to formalize an initial project ahead of Prime Minister Sanae Takaichi's spring visit to the United States, said the publication.

The sources, who spoke anonymously due to the private nature of the discussions, said the investment program was part of a bilateral trade agreement, the report said.

SoftBank did not immediately respond to MTNewswire queries.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)