The Yankees had until Dec. 28 to come to a contract agreement with Kei Igawa. Koichi Kamoshida/Getty Images

TOKYO (Ticker) -- Not to be outdone by their biggest rivals, the New York Yankees have signed their own Japanese pitcher, according to a newspaper report.

Left-hander Kei Igawa has agreed to a five-year, $20 million dollar contract with the Yankees, The Yomiuri Shimbun reported.

The signing comes less than a week after the Boston Red Sox signed Japanese right-hander Daisuke Matuzaka to a six-year, $52 million deal.

The newspaper also reported the contract for the 27-year-old Igawa also includes incentives, although they were not specified.

The Yankees earned exclusive negotiation rights with Igawa after a winning bid of $26 million on Nov. 28. They had until Dec. 28 to reach a contract agreement with Igawa or he would be returned to his Japanese club, the Hanshin Tigers.

Igawa went 14-9 with a 2.97 ERA for the Tigers last season. He struck out 194 to lead the league in strikeouts for the third time.

In eight seasons with Hanshin, Igawa has a career mark of 86-60 with a 3.15 ERA. His best season came in 2003, when he finished 20-5 with a 2.80 ERA and was named the league's MVP.

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