Effective 23 July 2023, Japan’s Ministry of Economy, Trade and Industry (“METI”) imposed export regulations on 23 types of advanced semiconductor manufacturing equipment. The new rules require Japanese suppliers to obtain a...more
Takeaways - Shareholder activism continues to gain momentum in Japan as domestic institutional investors become increasingly receptive to shareholder proposals and board nominees. Even when activist proposals are...more
Japan continues to tighten foreign direct investment reviews but also offers a prior notification exemption - Japan's Ministry of Finance (MOF) and its ministries with jurisdiction over the target entity's business review...more
On July 7, 2021, the Japan Ministry of Finance (MOF) published an updated list of classifications of companies listed on Japanese exchanges requiring prior notifications of inward direct investment under the Foreign Exchange...more
In 2020, Japan tightened foreign direct investment review but also introduced a prior notification exemption scheme - Japan's Ministry of Finance (MOF), and its ministries with jurisdiction over the target entity's...more
On June 7, the amended ordinances (the “Amended Ordinances”) prepared by the Japanese government to implement amendments to the Foreign Exchange and Foreign Trade Act (the “FEFTA”) were fully implemented, after coming into...more
While balance sheet proposals saw a slight downturn, COVID-19 and FEFTA appear not to have dampened shareholders' desire to effect change via AGM proposals....more
On June 15, 2020, the Japanese government implemented new regulations that designate the manufacture of pharmaceuticals for infectious diseases and the manufacture of highly-controlled medical devices (medical devices that...more
Amid concerns about predatory acquisitions of weakened companies and strategic assets during the COVID-19 crisis, more and more countries are restricting foreign direct investment (FDI) in their domestic companies, especially...more
After completion of the solicitation period for public comment on April 12, 2020, the amended ordinances (the “Amended Ordinances”) prepared by the Japanese government to implement the amended Foreign Exchange and Foreign...more
The amendments aim to promote foreign direct investments for sound economic growth, while still ensuring sufficient review of foreign direct investment activities that could pose risks to national security in Japan....more
With the release of responses to public comments, the Ministry of Finance provided a highly anticipated clarification of the amendments to the Foreign Exchange and Foreign Trade Act....more
On March 14, 2020, the Japanese government released a summary of proposed changes to the regime created by the Foreign Exchange and Foreign Trade Act (the “FEFTA”), which subjects certain foreign direct investments in...more
The amendments expand the industries covered by the prior notification and waiting period requirement, and broaden covered foreign investment-related activities. In 2019, the Japanese government announced three key...more
Investors in Japanese-listed companies have traditionally taken a passive approach to their investments, in part because Japanese business culture have long held an unfavorable view toward investors making demands or voicing...more
Japan expanded the scope of industries subject to prior notification for Inward Direct Investment in 2019 - Under the Foreign Exchange and Foreign Trade Act (FEFTA), the Ministry of Finance (MOF) and the relevant...more
Following the Japanese government's recent amendment of the rules under the Foreign Exchange and Foreign Trade Act (the "FEFTA"), foreign investors seeking to invest in companies engaged in certain information and...more