Japan announced on Friday a list of its firms subject to tighter foreign ownership rules, including majors such as Toyota Motor Corp and Sony Corp , as the United States and Europe step up scrutiny of industries key to national security.
FILE PHOTO: FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su
The tighter rules covering foreign investment in a dozen sectors crucial to national security, such as oil, railways, utilities, arms, space, nuclear power, aviation, telecoms and cyber security, take effect from Friday. “The revised law is aimed at accelerating foreign direct investment in Japan,” said Finance Minister Taro Aso, referring to a law passed in November, and adding that technology and patents needed protection from a national security standpoint.
Some analysts say the revised law reflects Tokyo’s concern over China’s growing influence in industries such as defence, running the risk of leaks of confidential information and outflows of key technology.
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