Japan is hatching a plan to buy the disputed Senkaku islands, which are also claimed by China and Taiwan, from a private family. Picture: AP Source: AP

JAPAN has come up with a novel way of settling a bitter territorial dispute with China and Taiwan over a string of islands.

The move could potentially reignite tensions with both Beijing and Taipei, which also claim the islands in the East China Sea, called Senkaku in Japanese and Diaoyu in Chinese.

"There is no question that the Senkakus are an integral part of our country's territory in terms of history and international law," Prime Minister Yoshihiko Noda said told reporters yesterday.

"There exists no territorial issue or ownership issue as Japan is in effective control of the islands."

"From the viewpoint of how to maintain and manage the Senkakus in a calm and stable manner, we are making comprehensive studies on the matter by keeping in touch with the owner," he said.

Mr Noda's come after a report in the Asahi Shimbun said the government on Friday informed Tokyo's governor Shintaro Ishihara of its plan to buy three of the islands from their private Japanese owner.

In April, Mr Ishihara announced he was in talks to buy the three islands - Uotsurijima, Kitakojima and Minamikojima - claiming that Japan was not doing enough to protect the territory.

The chain includes two other islands and an outcropping of rocks.

The influential daily said senior government officials were already negotiating with the owner, the Kurihara family, hoping to finalise the nationalisation plan by the end of the year.

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Japan wants to pay cash for islands