Deal or no deal? That was the question driving news cycles over the past few days regarding a Japan-U.S. trade agreement.

Foreign Minister Toshimitsu Motegi put an end to the conflicting media speculation Tuesday, declaring that all negotiations are over after an hourlong meeting with U.S. Trade Representative Robert Lighthizer in New York.

According to local media reports, Tokyo and Washington have "reached a final agreement" on the trade deal, although the written pact still needs to be finalized as drafting work and legal checks by Japan's Cabinet Legislation Bureau remain ongoing.