Kurihara added that as owners, the Tokyo or national government would "protect the island in an appropriate way" from China.
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Neither Ishihara nor the Kurihara family will say when the sale of the islands to Tokyo's government will take place.
The owners, the Kurihara family, took title to four of the five islands in the 1970s and pledged to keep them in Japanese hands.
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The city of Tokyo would eventually use that money to buy the islands from the Kurihara family, turning them from private Japanese property into government property.
Kurihara and Tokyo's governor announced the public fund last month.
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