In any of the following cases, if the Minister of Finance and the competent minister for the business find that inward direct investment or equivalent action or a specified acquisition falls under inward direct investment or equivalent action that is a matter of national security or a similar concern or a specified acquisition that is a matter of national security, they may, after hearing the opinion of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, order the foreign investor that has conducted the inward direct investment or equivalent action or specified acquisition, pursuant to the provisions of Cabinet Order, to dispose of all or part of the shares or equity interests acquired through that inward direct investment or equivalent action or specified acquisition, or to take any other necessary measures.
財務大臣及び事業所管大臣は、次に掲げる場合において、対内直接投資等又は特定取得が国の安全等に係る対内直接投資等又は国の安全に係る特定取得に該当すると認めるときは、関税・外国為替等審議会の意見を聴いて、当該対内直接投資等又は特定取得を行つた外国投資家に対し、政令で定めるところにより、当該対内直接投資等又は特定取得により取得した株式又は持分の全部又は一部の処分その他必要な措置を命ずることができる。
if a foreign investor that is required to file a notification under Article 27, paragraph (1) or Article 28, paragraph (1) conducts an inward direct investment or equivalent action or a specified acquisition without filing that notification; or
if a foreign investor that has filed a notification under Article 27, paragraph (1) or Article 28, paragraph (1) conducts the inward direct investment or equivalent action or the specified acquisition stated in the notification before the expiration of the prohibition period.
If a foreign investor that has filed a notification under Article 27, paragraph (1) or Article 28, paragraph (1) has used false information in it and the Minister of Finance and the competent minister for the business find that the inward direct investment or equivalent action or specified acquisition that is subject to that notification constitutes inward direct investment or an equivalent action that is a matter of national security or a similar concern or constitutes a specified acquisition that is a matter of national security, they may order the foreign investor that has conducted the inward direct investment or equivalent action or the specified acquisition to take the necessary measures, pursuant to Cabinet Order and after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions.
財務大臣及び事業所管大臣は、第二十七条第一項又は第二十八条第一項の規定による届出をした外国投資家が、当該届出に関し虚偽の届出をした場合において、当該届出に係る対内直接投資等又は特定取得が国の安全等に係る対内直接投資等又は国の安全に係る特定取得に該当すると認めるときは、関税・外国為替等審議会の意見を聴いて、当該対内直接投資等又は特定取得を行つた外国投資家に対し、政令で定めるところにより、必要な措置を命ずることができる。
If a foreign investor that has filed a notification under Article 27, paragraph (1) or Article 28, paragraph (1) fails to follow a recommendation to modify the substance of the inward direct investment or equivalent action or the specified acquisition that is subject to that notification after having filed a notification with the Minister of Finance and the competent minister for the business of compliance with that recommendation pursuant to Article 27, paragraph (7) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7)), or if such a foreign investor violates an order under Article 27, paragraph (10) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7)) to modify the substance of the inward direct investment or equivalent action or the substance of the specified acquisition, the Minister of Finance and the competent minister for the business may order the foreign investor that has carried out the inward direct investment or equivalent action or the specified acquisition to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or through the specified acquisition (if the ministers have recommended modifying the number or amount of shares or the number or amount of units of equity involved in the inward direct investment or equivalent action or in the specified acquisition pursuant to Article 27, paragraph (5) or Article 28, paragraph (5), or if they have ordered a modification to the number or amount of shares or the number or amount of units of equity involved in the inward direct investment or equivalent action or in the specified acquisition pursuant to Article 27, paragraph (10) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7)), they may only order the investor to dispose of the part subject to the modification), or to take other necessary measures, pursuant to Cabinet Order.
財務大臣及び事業所管大臣は、第二十七条第一項又は第二十八条第一項の規定による届出をした外国投資家が、第二十七条第七項（第二十八条第七項において準用する場合を含む。）の規定により応諾する旨の通知をした対内直接投資等若しくは特定取得に係る内容の変更の勧告に従わず、又は第二十七条第十項（第二十八条第七項において準用する場合を含む。）の規定による対内直接投資等若しくは特定取得に係る内容の変更の命令に違反した場合には、当該対内直接投資等又は特定取得を行つた外国投資家に対し、政令で定めるところにより、当該対内直接投資等又は特定取得により取得した株式又は持分（第二十七条第五項若しくは第二十八条第五項の規定により当該対内直接投資等若しくは特定取得に係る株式の数若しくは金額若しくは持分の口数若しくは金額の変更を勧告した場合における当該変更に係る部分又は第二十七条第十項（第二十八条第七項において準用する場合を含む。）の規定により当該対内直接投資等若しくは特定取得に係る株式の数若しくは金額若しくは持分の口数若しくは金額の変更を命じた場合における当該変更に係る部分に限る。）の全部又は一部の処分その他必要な措置を命ずることができる。
If a foreign investor that has filed a notification under Article 27, paragraph (1) or Article 28, paragraph (1) fails to follow a recommendation to discontinue the inward direct investment or equivalent action or the specified acquisition that is the subject of that notification after having filed a notification with the Minister of Finance and the competent minister for the business of compliance with that recommendation pursuant to Article 27, paragraph (7) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7)), or if such a foreign investor violates an order under Article 27, paragraph (10) (including as applied mutatis mutandis pursuant to Article 28, paragraph (7)) to discontinue the inward direct investment or equivalent action or the specified acquisition, the Minister of Finance and the competent minister for the business may order the foreign investor that has undertaken the inward direct investment or equivalent action or the specified acquisition to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or through the specified acquisition, or to take other necessary measures, pursuant to Cabinet Order.
Changes and moves to paragraph (7) on (Act No. 30 of 2026)
If, pursuant to the provisions of Article 27-2, paragraph (1) or paragraph (1) of the preceding Article, a foreign investor as provided in Article 27-2, paragraph (1) or paragraph (1) of the preceding Article has carried out an inward direct investment or equivalent action or a specified acquisition without filing a notification under Article 27, paragraph (1) or Article 28, paragraph (1), and has violated an order under Article 27-2, paragraph (4) or paragraph (4) of the preceding Article, and if the Minister of Finance and the competent minister for the business find that the inward direct investment or equivalent action constitutes an inward direct investment or equivalent action that is a matter of national security or a similar concern or that the specified acquisition constitutes a specified acquisition that is a matter of national security, the ministers, pursuant to the provisions of Cabinet Order and after hearing the opinions of the Council on Customs, Tariffs, Foreign Exchange, and Other Transactions, may order the foreign investor that has carried out the inward direct investment or equivalent action or the specified acquisition to dispose of all or part of the shares or equity acquired through the inward direct investment or equivalent action or through the specified acquisition, or to take any other necessary measures.
財務大臣及び事業所管大臣は、第二十七条の二第一項又は前条第一項の規定により第二十七条第一項又は第二十八条第一項の規定による届出をせずに対内直接投資等又は特定取得を行つた第二十七条の二第一項又は前条第一項に規定する外国投資家が、第二十七条の二第四項又は前条第四項の規定による命令に違反した場合であつて、当該対内直接投資等又は特定取得が国の安全等に係る対内直接投資等又は国の安全に係る特定取得に該当すると認めるときは、関税・外国為替等審議会の意見を聴いて、当該対内直接投資等又は特定取得を行つた外国投資家に対し、政令で定めるところにより、当該対内直接投資等又は特定取得により取得した株式又は持分の全部又は一部の処分その他必要な措置を命ずることができる。
Changes and moves to paragraph (8) on (Act No. 30 of 2026)
The term "prohibition period" referred to in paragraph (1), item (ii) means the period prescribed in the main clause of Article 27, paragraph (2) (or, if the period is extended pursuant to the provisions of paragraph (3) or (6) of that Article or shortened pursuant to the provisions of the proviso to paragraph (2) of that Article or paragraph (4) of that Article, the period so extended or shortened), or the period prescribed in the main clause of Article 28, paragraph (2) (or, if the period is extended pursuant to the provisions of paragraph (3) or (6) of that Article or shortened pursuant to the provisions of the proviso to paragraph (2) of that Article or paragraph (4) of that Article, the period so extended or shortened).
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foreign investor
「外国投資家」
A foreign investor as defined in Article 26, paragraph (1): a non-resident individual, a corporation or other body set up under foreign law or with its principal office abroad, or a company, partnership or other body controlled by such persons as that paragraph sets out, that makes an inward direct investment or equivalent action (対内直接投資等) or a specified acquisition (特定取得).
Defined inArticle 27, paragraph (1)· applies only in this article and in Articles 28 and 55-5; and Article 29, paragraphs (1) to (4)
inward direct investment or equivalent actionmachine translation
「対内直接投資等」
An inward direct investment or equivalent action as defined in Article 26, paragraph (2) — an act of a foreign investor such as acquiring shares or equity in an unlisted company, acquiring shares or voting rights in a listed or equivalent company (上場会社等) that bring a holding to at least a percentage a Cabinet Order (政令) sets, consenting to a major change in a company's business, setting up a branch in Japan, lending a large sum for more than a year to a corporation with its principal office in Japan, or taking over a business from a Japanese corporation — other than one a Cabinet Order excludes in view of inheritance, bequest, corporate merger or other circumstances.
Defined inArticle 27, paragraph (1)· applies only in this article and in Article 29, paragraphs (1) to (4); Article 55-5; Article 69-2, paragraph (2); and Article 70, paragraph (1)
inward direct investment or equivalent action that is a matter of national security or a similar concernmachine translation
「国の安全等に係る対内直接投資等」
An inward direct investment or equivalent action (対内直接投資等) of any of the kinds Article 27, paragraph (3) lists: one likely to harm national security, disturb public order or hinder public safety, or to seriously harm the smooth running of Japan's economy, where no treaty obligation to remove restrictions covers it; one by an investor from a country with no investment treaty with Japan that must be changed or stopped to match the treatment Japanese investors receive there; or one that must be changed or stopped because it amounts, in whole or part, to a capital transaction (資本取引) requiring permission under Article 21.
Short name set inArticle 27, paragraph (3)
specified acquisition
「特定取得」
A specified acquisition as defined in Article 26, paragraph (3) — acquiring shares or equity in a company other than a listed or equivalent company (上場会社等) by transfer from a non-resident individual, a foreign corporation or another of the persons listed in Article 26, paragraph (1) — other than one a Cabinet Order (政令) excludes in view of inheritance, bequest, corporate merger or other circumstances.
Defined inArticle 28, paragraph (1)
specified acquisition that is a matter of national security
「国の安全に係る特定取得」
A specified acquisition (特定取得) highly likely to harm national security, limited to one made by a foreign investor from a country party to a multilateral treaty or other international agreement on specified acquisitions that Japan has joined and a Cabinet Order (政令) specifies, where that agreement imposes no obligation to remove restrictions on it, or by a foreign investor from another country where there would be no such obligation if that country were a party.
Short name set inArticle 28, paragraph (3)
foreign investor
「外国投資家」
In Article 28-2, a foreign investor as defined in Article 26, paragraph (1) — a non-resident individual, a corporation or other body set up under foreign law or with its principal office abroad, or a company, partnership or other body controlled by such persons as that paragraph sets out — other than one that has violated this Act, an order under it or a disposition under either, or another a Cabinet Order (政令) specifies as having a high need to be examined under Article 28, paragraph (3).
Defined inArticle 28-2, paragraph (1)· applies only in this article
prohibition period
「禁止期間」
In Article 29, paragraph (1), item (ii), the period after an inward direct investment or equivalent action is notified under Article 27 or a specified acquisition under Article 28 during which the foreign investor must not carry it out — 30 days from the day the notification is accepted — as extended or shortened under those Articles.
Defined inArticle 29, paragraph (6)