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2021 Update of the List of Classifications of Listed Companies regarding the Prior-notification Requirements on Inward Direct Investment

July 7, 2021

Ministry of Finance

2021 Update of the List of Classifications of Listed Companies regarding the Prior-notification Requirements on Inward Direct Investment

The "List of classifications of listed companies regarding the prior-notification requirements on inward direct investment under the Foreign Exchange and Foreign Trade Act (the “FEFTA”) is prepared by the Ministry of Finance for the benefit of foreign investors to make a decision on whether or not to submit a prior notification under the FEFTA when the investors make inward direct investments into the listed companies.

The list is prepared based on the surveys to listed companies, and information in their Articles of Associations and Annual Securities Reports and provides classifications of Japanese companies listed on the Japanese stock exchanges into the following categories regarding the prior-notification requirements on inward direct investment under the FEFTA:

  1. Companies conducting business activities only in non-designated business sectors (subject to post-investment report only)(①);
  2. Companies conducting business activities in designated business sectors other than core sectors(②); or
  3. Companies conducting business activities in core sectors(③)


This list was first published in May 2020, and was revised in June and July. We have renewed the list as a 2021 annual update based on the results of surveys to all listed companies, as well as their articles of incorporation and securities reports.

(Note 1) Designated Business Sectors
Designated business sectors mean the following industries designated in the public notice (Public Notice Specifying Business Sectors to Be Specified by the Minister of Finance and the Competent Minister for the Business Pursuant to the Provisions of Article 3, Paragraph (3) of the Order on Inward Direct Investment).

  • Business sectors related to inward direct investment, etc. that are likely to undermine national security, disturb the maintenance of public order or interfere with the protection of public safety.
  • Business sectors related to inward direct investment, etc. that Japan has withheld pursuant to the provision of Article 2b of the OECD Codes of Liberalisation of Capital Movement


(Note 2) Core Business Sectors
Core business sectors mean a certain type of business sectors designated from the viewpoint of national security, etc. in the public notice (Public Notice Specifying Business Sectors to Be Specified by the Minister of Finance and the Competent Minister for the Business Pursuant to the Provisions of Article 3-2, Paragraph (3) of the Order on Inward Direct Investment).

List of classifications of listed companies regarding the prior-notification requirements on inward direct investment under the Foreign Exchange and Foreign Trade Act (the “FEFTA”)(Excel:265KB)