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Islamic State has issued a video online this morning claiming to show two Japanese hostages and demanding "$200 million" from the Japanese government to save their lives.

A knife-wielding black-clad figure, standing in a desert area along with two men and wearing orange clothing, criticised what he called the Japanese government's support for a US-led coalition waging a military campaign against Islamic State.

The threat comes after Japan's Prime Minister Shinzo Abe pledged to extend $200 million to countries fighting the terrorist group.

The Foreign Office is investigating the video which has emerged allegedly featuring a militant who looks and sounds similar to the infamous "Jihadi John" threatening to kill two hostages.

The footage, released today and reported to have been made by Islamic State group's al-Furqan, shows the man who speaks with a British accent claiming the Japanese captives would be killed unless a ransom was paid.

A spokeswoman from the Foreign Office said: "We are aware of the video and we are studying the content."

A man speaking with a British accent, who has become known as Jihadi John, has appeared in a number of previous videos in which hostages were both threatened and killed.

British aid workers David Haines and Alan Henning and US journalists Steven Sotloff and James Foley have been beheaded in similar style footage.

British photojournalist John Cantlie has appeared in a number of propaganda videos released by Islamic State, presenting documentary-style clips.

Japanese officials have not made any immediate comment on the latest video.

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