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Economy

Japan cabinet approves tighter rules on investment from abroad

Plan heads for Diet with exemptions for asset managers and block trades

Under the new rules, overseas investors would need approval to buy stakes of 1% or more in Japanese companies in certain sectors.   © Reuters

TOKYO -- Japan's cabinet has signed off on tougher controls on investments in companies involved in strategically sensitive industries, aiming to prevent leaks of advanced technology but rankling international investors in the process.

The government approved draft revisions to the foreign exchange law at a cabinet meeting on Friday. The proposal is to be submitted to the Diet before the current session ends in December, and could come into force by the end of the fiscal year through March 2021.

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