Japan, which is set to rethink its three principles banning arms exports, will set clear and strict rules on when it engages in weapons trade, Prime Minister Shinzo Abe said Thursday.

"We will decide on specifics such as when the transfer (of weapons) is allowed, and (use a strict) screening process," Abe said during a plenary meeting of the House of Councilors.

Abe said the three principles need to be revised for Japan to keep up with the times, but added he acknowledges the role the rules have played in contributing to global peace over the years.