Prime Minister Shinzo Abe said Tuesday he hopes to cooperate with Moon Jae-in, who declared victory in South Korea's presidential election, in grappling with common challenges facing the two nations such as the growing threat posed by North Korea.

"Japan and South Korea face common challenges such as the issue of North Korea. If we cooperate, we can further contribute to the peace and prosperity in the region," Abe said in a statement.

"South Korea is the most important neighbor with which Japan shares strategic interests. I look forward to working with incoming President Moon Jae-in from now on," he said.