I. Inward Direct Investment Regulation
1. If a non-resident, a foreign company, etc., (the “Foreign Investor”) (i) acquires no less than 10 percent[1] of the shares in a Japanese listed company, etc., (ii) acquires shares or equity in a Japanese company other than a Japanese listed company, etc., (iii) establishes a branch office, factory or any such place of business other than a representative office in Japan, or (iv) takes an equivalent action ( the “Inward Direct Investment”), such Foreign Investor does not have to obtain any approval in advance, but it must report the substance of such Inward Direct Investment, its timing and certain other information to the Minister of Finance and the competent minister through the Bank of Japan by the 15th of the next month in cases other than mentioned below in 2.