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Japan names 518 companies subject to tighter foreign ownership rules

Toyota, SoftBank and Mitsubishi Heavy on list requiring preapproval

The F-35A stealth fighter is among the aircraft Mitsubishi Heavy assembles in Japan. (Photo courtesy of the Japan Air Self-Defense Force)

TOKYO -- Toyota Motor, SoftBank Group and more than 500 other Japanese corporations will be subject to tougher restrictions on receiving foreign investment, starting June 7, according to a list published Friday by the Ministry of Finance.

New legislation requires advance government approval for a foreign investor to take a stake of 1% or more in any Japanese enterprise in 12 "core" strategic sectors, from defense to utilities. The ministry's list covers 14% of the nation's publicly traded companies.

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