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Overseas investors bypass Japan stocks, awaiting 'blacklist'

Foreign purchases face approval requirement, but sectors yet to be named

Overseas investors planning to buy 1% or more of companies in sectors linked to national security will be required to obtain approval in advance.

TOKYO -- Overseas investors appear to be putting off purchases of Tokyo stocks, waiting to learn which Japanese industries will be covered by tough new restrictions on foreign buyers.

A portfolio manager at a renowned U.S. fund intends to make big investments in Japan next year, citing notably improved governance among Japanese companies. But this planned buying will not happen "until May or June at the earliest," the manager said, nor will changes be made to current positions until then.

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