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A Japanese hostage being held by ISIS looks set to be freed today after Japan reportedly agreed to swap him with a known militant.

Terrorists from the Islamic State have threatened to murder Kenji Goto unless Jordan released Sajida al-Rishawi, a convicted Iraqi would-be suicide-bomber.

On Saturday, it emerged Islamic State had killed another Japanese hostage Haruna Yukawa, piling pressure on the Japanese government.

But it is now being reported that Japan has agreed to the swap and Goto could be released within hours.

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Islamic State previously insisted on the exchange of the female Jihadist prisoner in exchange for the safe return of Goto and a Jordanian pilot.

But IS has warned the pair will die if the woman militant is not freed.

They say they will start by killing the Jordanian, who was captured after he his fighter jet crashed in Syria in December and then Mr Goto.

A video released entitled ‘the second public message of Kenji Goto to his family and the government of Japan’ featured a picture of the journalist with an audio of a man claiming to be the Japanese prisoner.

(Image: Getty)

The man, supposedly Mr Goto, is holding an image purporting to show First Lieutenant Moaz Youssef al-Kasasbeh, who was captured in December

The man addresses Rinko, believed to be Mr Goto’s wife, the Japanese Government and the people of Japan.

He says that unless a prisoner swap for the female militant being detained in Jordan takes place, Mr Goto and the pilot will be killed in 24 hours.

He says: “Time is now running very short,” he says. It is me for her. A straight exchange.

“I only have 24 hours left to live and the pilot has even less.”

The message finishes: “The ball is now in the Jordanian’s court.

Japan has vowed to work with Jordan to secure the release of Goto but has vowed never to give in to terrorism.

Japanese Prime Minister Shinzo Abe took power in 2012 pledging to bolster Japan’s global security role and has already condemned the earlier killing of Japanese citizen Haruna Yukawa as “outrageous.”

His minister for foreign affairs Yasuhide Nakayama, said: “We would like to work together with the Jordanian government to secure the release of Goto.”

The female militant IS want to have released from a Jordanian prison is Sajida al-Rishawi, a convicted Iraqi would-be suicide-bombe.

The militants captured Jordanian pilot Moaz Youssef after his plane crashed during U.S.-led coalition bombing in eastern Syria in December.