Article 20Definition of Capital Transaction
第二十条（資本取引の定義）
Changes on (Act No. 30 of 2026)
The term "capital transaction" means any of the following transactions or actions (excluding an act which falls within the category of inward direct investment or an equivalent action prescribed in Article 26, paragraph (2) and which is conducted by any of the persons stated in the items of paragraph (1) of that Article):
a transaction involving the accrual, alteration, or extinguishment of a claim (hereinafter referred to as a "transaction involving the accrual, alteration, or extinguishment of a claim") based on a deposit contract (including an installment savings contract, installment deposit contract, money deposit contract, or any other contract prescribed by Cabinet Order as being similar to them; the same applies hereinafter) or trust contract between a resident and a non-resident;
a transaction involving the accrual, alteration, or extinguishment of a claim based on a money loan contract or obligation guarantee contract between a resident and a non-resident;
居住者と非居住者との間の金銭の貸借契約又は債務の保証契約に基づく債権の発生等に係る取引
a transaction involving the accrual, alteration, or extinguishment of a claim based on a sales contract for a foreign means of payment or for a claim between a resident and a non-resident;
居住者と非居住者との間の対外支払手段又は債権の売買契約に基づく債権の発生等に係る取引
a transaction involving the accrual, alteration, or extinguishment of a claim for which payment can be received in a foreign currency, based on a deposit contract, trust contract, money loan contract, obligation guarantee contract, or sales contract for a foreign means of payment or for a claim between a resident and another resident;
居住者と他の居住者との間の預金契約、信託契約、金銭の貸借契約、債務の保証契約又は対外支払手段若しくは債権その他の売買契約に基づく外国通貨をもつて支払を受けることができる債権の発生等に係る取引
a resident's acquisition of securities from a non-resident (including a resident's or a non-resident's acquisition of a right based on which the resident will acquire securities from the non-resident upon the acquirer's unilateral manifestation of the intention for this to occur), or a resident's transfer of securities to a non-resident (including a resident's or a non-resident's acquisition of a right based on which the resident will transfer securities to the non-resident upon the acquirer's unilateral manifestation of the intention for this to occur);
a resident's issuance or public offering of securities in a foreign country, a resident's issuance or public offering of foreign currency securities in Japan, or a non-resident's issuance or public offering of securities in Japan;
a non-resident's issuance or public offering of securities that are denominated or payable in Japanese currency, in a foreign country;
a transaction involving the accrual, alteration, or extinguishment of a claim based on a futures contract on a financial indicator or similar metric between a resident and a non-resident;
居住者と非居住者との間の金融指標等先物契約に基づく債権の発生等に係る取引
a transaction involving the accrual, alteration, or extinguishment of a claim that is payable in a foreign currency based on a futures contract on a financial indicator or similar metric between a resident and another resident, or a transaction involving the accrual, alteration, or extinguishment of a claim that is payable in Japanese currency based on a futures contract on a financial indicator or similar metric (limited to such a contract involving a financial indicator (meaning the financial indicator prescribed in Article 2, paragraph (25) of the Financial Instruments and Exchange Act) of a foreign currency) between a resident and another resident;
居住者と他の居住者との間の金融指標等先物契約に基づく外国通貨をもつて支払を受けることができる債権の発生等に係る取引又は金融指標等先物契約（外国通貨の金融指標（金融商品取引法第二条第二十五項に規定する金融指標をいう。）に係るものに限る。）に基づく本邦通貨をもつて支払を受けることができる債権の発生等に係る取引
a resident's acquisition of real property or rights to real property that is located in a foreign country, or a non-resident's acquisition of real property or rights to real property that is located in Japan;
the delivery and receipt of funds between a corporation's office in Japan and the corporation's office in a foreign country (excluding the delivery and receipt of funds prescribed by Cabinet Order as the delivery and receipt of the ordinary expenses necessary for operating the office and funds involved in an ordinary transaction), beyond as stated in items (i) and (ii); and
a transaction or action prescribed by Cabinet Order as being equivalent to any of the transactions or actions stated in the preceding items.
前各号に掲げる取引又は行為に準ずるものとして政令で定めるもの
Article 20-2Transactions Deemed as Capital Transactions
第二十条の二（資本取引とみなす取引）
The transactions stated in the following items are deemed to be capital transactions prescribed in those items, and the provisions of this Act (including Orders based on this Act) apply to the transactions.
次の各号に掲げる取引は、当該各号に定める資本取引とみなして、この法律（これに基づく命令を含む。）の規定を適用する。
a transaction involving the accrual, alteration, or extinguishment of a right to request the transfer of electronic payment instruments based on a contract for management of electronic payment instruments (referred to as a "transaction involving the accrual, alteration, or extinguishment of a right to request the transfer of electronic payment instruments" in this Article) between a resident and a non-resident: capital transactions stated in item (i) of the preceding Article;
a transaction involving the accrual, alteration, or extinguishment of a right to request the transfer of electronic payment instruments based on a loan contract or obligation guarantee contract involving the transfer of electronic payment instruments between a resident and a non-resident: capital transactions stated in item (ii) of the preceding Article; and
居住者と非居住者との間の電子決済手段等の貸借契約又は電子決済手段等を移転する義務の保証契約に基づく電子決済手段等の移転を求める権利の発生等に係る取引 前条第二号に掲げる資本取引
a transaction involving the accrual, alteration, or extinguishment of a right to request the transfer of electronic payment instruments based on a contract for buying and selling electronic payment instruments or a contract for exchanging electronic payment instruments with other electronic payment instruments between a resident and a non-resident: capital transactions as stated in item (iii) of the preceding Article.
居住者と非居住者との間の電子決済手段等の売買又は他の電子決済手段等との交換に関する契約に基づく電子決済手段等の移転を求める権利の発生等に係る取引 前条第三号に掲げる資本取引
第二十一条（財務大臣の許可を受ける義務を課する資本取引等）
On finding that, if residents or non-residents were to unrestrictedly conduct capital transactions (meaning capital transactions as prescribed in Article 20, and excluding those falling under the category of specified capital transactions as prescribed in Article 24, paragraph (1); the same applies in paragraph (1) of the following Article, Article 55-3, and Article 70, paragraph (1)), it would prevent Japan from faithfully performing its obligations under a treaty or other international agreement it has concluded or would cause a situation that would prevent Japan from contributing to international efforts towards international peace, thereby making it difficult to achieve the purpose of this Act, or if a cabinet decision as referred to in Article 10, paragraph (1) has been reached, the Minister of Finance, pursuant to Cabinet Order, may make it obligatory for residents or non-residents seeking to conduct such a capital transaction to get permission to conduct it.
財務大臣は、居住者又は非居住者による資本取引（第二十条に規定する資本取引をいい、第二十四条第一項に規定する特定資本取引に該当するものを除く。次条第一項、第五十五条の三及び第七十条第一項において同じ。）が何らの制限なしに行われた場合には、我が国が締結した条約その他の国際約束を誠実に履行することを妨げ、若しくは国際平和のための国際的な努力に我が国として寄与することを妨げることとなる事態を生じ、この法律の目的を達成することが困難になると認めるとき、又は第十条第一項の閣議決定が行われたときは、政令で定めるところにより、当該資本取引を行おうとする居住者又は非居住者に対し、当該資本取引を行うことについて、許可を受ける義務を課することができる。
Beyond as prescribed in the preceding paragraph, on finding that, if residents or non-residents were to unrestrictedly conduct capital transactions as prescribed in that paragraph (excluding those for which accounting is handled in the special international financial transactions account), it would cause one of the following situations to arise, thereby making it difficult to achieve the purpose of this Act, the Minister of Finance, pursuant to Cabinet Order, may make it obligatory for residents or non-residents seeking to conduct such a capital transaction, to get permission to conduct it:
it would become difficult to maintain Japan's balance of payments equilibrium;
我が国の国際収支の均衡を維持することが困難になること。
it would bring about rapid fluctuations in Japanese currency exchange rates; or
本邦通貨の外国為替相場に急激な変動をもたらすことになること。
the Japanese financial market or capital market would be adversely affected by a massive transfer of funds between Japan and a foreign country.
The term "special international financial transactions account" referred to in the preceding paragraph means an account that a bank or other prescribed financial institution that Cabinet Order specifies establishes with the approval of the Minister of Finance in order to manage its accounting for its investment or procurement of funds in connection with the following transactions and actions (excluding transactions deemed capital transactions as prescribed in the preceding Article) it undertakes in order to allocate deposits that it receives from non-residents (but only corporations established under foreign laws and regulations and any other persons that Cabinet Order prescribes; hereinafter the same applies in this and the following paragraph) and other funds that it procures from non-residents, for use in lending money to non-residents, for use in acquiring securities from non-residents, and for use in other investment in non-residents, separately from its accounting for its investment and procurement of funds in connection with other transactions and actions:
capital transactions as stated in item (i) of Article 20 that constitute transactions involving the accrual, alteration, or extinguishment of a claim based on a deposit contract with a non-resident which is prescribed by Cabinet Order;
第二十条第一号に掲げる資本取引のうち、非居住者との間の預金契約で政令で定めるものに基づく債権の発生等に係る取引
capital transactions as stated in item (ii) of Article 20 that constitute transactions involving the accrual, alteration, or extinguishment of a claim based on a money loan contract with a non-resident;
第二十条第二号に掲げる資本取引のうち、非居住者との間の金銭の貸借契約に基づく債権の発生等に係る取引
capital transactions as stated in item (v) of Article 20 that constitute the acquisition from a non-resident or transfer to a non-resident of securities (limited to those that Cabinet Order prescribes) issued by a non-resident; and
other transactions or actions prescribed by Cabinet Order.
その他政令で定める取引又は行為
Cabinet Order provides for transfers of funds between a special international financial transactions account as prescribed in the preceding paragraph (hereinafter referred to as a "special international financial transactions account" in this paragraph and paragraph (2) of the following Article) and other accounts and for other particulars of the accounting in a special international financial transactions account, and also provides for confirmation that the other party to a transaction or action for which the accounting is conducted in a special international financial transactions account is a non-resident and for any other necessary particulars.
前項に規定する特別国際金融取引勘定（以下この項及び次条第二項において「特別国際金融取引勘定」という。）とその他の勘定との間における資金の振替その他の特別国際金融取引勘定の経理に関する事項及び特別国際金融取引勘定において経理される取引又は行為に関し当該取引又は行為の相手方が非居住者であることの確認その他必要な事項については、政令で定める。
If it has been made obligatory for persons to get permission for a capital transaction as prescribed in paragraph (2) pursuant to the provisions of both paragraphs (1) and (2), a person seeking to conduct such a transaction may file a combined application for the permissions under those paragraphs, pursuant to Cabinet Order. In such a case, the Minister of Finance is to decide whether to give permission while also taking into consideration whether the capital transaction under the application would actually cause one of the situations that forms the basis for obliging persons to get permission for that transaction.
If the Minister of Finance, pursuant to paragraph (1) or (2), has made it obligatory to get permission for outward direct investment as prescribed in Article 23, paragraph (2) in connection with which Article 23, paragraph (1) requires a notification to be filed, the minister is to decide whether to give that permission while also taking into consideration whether the outward direct investment under the application for permission would actually give rise to one of the situations stated in the items of paragraph (4) of that Article, in addition to whether it would actually give rise to one of the situations prescribed in paragraph (1) or in one of the items of paragraph (2) that forms the basis for obliging persons to get permission.
Japan
「本邦」
Japan for the purposes of this Act and the orders under it: Honshu, Hokkaido, Shikoku, Kyushu and the islands attached to them that an Order of the Ministry of Finance and the Ministry of Economy, Trade and Industry (財務省令・経済産業省令) sets.
Defined inArticle 6, paragraph (1), item (i)
foreign country
「外国」
Any area other than Japan (本邦).
Defined inArticle 6, paragraph (1), item (ii)
Japanese currency
「本邦通貨」
Currency in units of the Japanese yen.
Defined inArticle 6, paragraph (1), item (iii)
foreign currency
「外国通貨」
Any currency other than Japanese currency (本邦通貨).
Defined inArticle 6, paragraph (1), item (iv)
resident
「居住者」
A natural person with a domicile or residence in Japan, or a corporation with its principal office in Japan; a Japanese branch, sales office or other office of a non-resident is also treated as a resident, even if its principal office is in a foreign country and whether or not it has legal authority to act for it.
Defined inArticle 6, paragraph (1), item (v)
non-resident
「非居住者」
A natural person or corporation other than a resident (居住者).
Defined inArticle 6, paragraph (1), item (vi)
foreign means of payment
「対外支払手段」
A means of payment (支払手段), other than Japanese currency, that is denominated in a foreign currency or can be used for payment in a foreign country, whatever its currency unit.
Defined inArticle 6, paragraph (1), item (viii)
electronic payment instruments
「電子決済手段等」
Electronic payment instruments (電子決済手段) as defined in Article 2, paragraph (5) of the Payment Services Act, and cryptoassets (暗号資産) as defined in Article 2, paragraph (14) of that Act.
Defined inArticle 6, paragraph (1), item (ix)
security
「証券」
Public bonds, corporate bonds, shares, equity interests, certificates giving rights to public bonds or shares, debentures, treasury securities, mortgage securities, profit certificates, coupons, dividend receipts, coupon exchange tickets and other similar securities or certificates a Cabinet Order (政令) specifies, whether or not a certificate has been issued.
Defined inArticle 6, paragraph (1), item (xi)
foreign currency security
「外貨証券」
A security (証券) that is payable in a foreign country or denominated in a foreign currency.
Defined inArticle 6, paragraph (1), item (xii)
claim
「債権」
Time deposits, current deposits, special current deposits, deposits at notice, insurance policies and current account balances, and other monetary claims arising from loans, tenders or otherwise that are not covered by the earlier items of Article 6, paragraph (1).
Defined inArticle 6, paragraph (1), item (xiii)
futures contract on a financial indicator or similar metric
「金融指標等先物契約」
A contract for a market derivatives transaction or over-the-counter derivatives transaction under Article 2, paragraph (21) or (22) of the Financial Instruments and Exchange Act (other than those a Cabinet Order (政令) excludes), for a transaction like a market derivatives transaction on a foreign financial instruments market, or for another similar transaction a Cabinet Order specifies.
Defined inArticle 6, paragraph (1), item (xiv)
bankmachine translation
「銀行」
In Article 16-2 and Article 21, paragraph (3), a bank as defined in Article 2, paragraph (1) of the Banking Act: a person that carries on banking business under a licence from the Prime Minister (内閣総理大臣) under Article 4, paragraph (1) of that Act.
Defined inArticle 16-2, paragraph (1)· applies only in this provision and in Article 21, paragraph (3)
transaction involving the accrual, alteration, or extinguishment of a claimmachine translation
「債権の発生等に係る取引」
A transaction by which a claim (債権) arises, is altered or is extinguished: in Article 20, item (i), one under a deposit contract (預金契約) or trust contract between a resident and a non-resident, and in later provisions, one under the contracts they name.
Short name set inArticle 20, paragraph (1), item (i)
transaction involving the accrual, alteration, or extinguishment of a right to request the transfer of electronic payment instrumentsmachine translation
「電子決済手段等の移転を求める権利の発生等に係る取引」
In Article 20-2, a transaction by which a right to request the transfer of electronic payment instruments (電子決済手段等) arises, is altered or is extinguished: in item (i), one under a contract between a resident and a non-resident for managing them, and in the later items, one under the contracts they name.
Short name set inArticle 20-2, paragraph (1), item (i)· applies only in this article
capital transactionmachine translation
「資本取引」
In Article 21, Article 22, paragraph (1), Article 55-3 and Article 70, paragraph (1), a capital transaction as defined in Article 20 — such as claims arising under deposit, loan or guarantee contracts between a resident and a non-resident, buying or selling securities between them, issuing securities across borders, and acquiring real estate across borders — other than a specified capital transaction (特定資本取引) under Article 24, paragraph (1).
Defined inArticle 21, paragraph (1)· applies only in this provision and in Article 22, paragraph (1); Article 55-3; and Article 70, paragraph (1)
special international financial transactions account
「特別国際金融取引勘定」
An account that a bank or other financial institution a Cabinet Order (政令) specifies sets up with the Minister of Finance's approval to keep the accounts of the transactions listed in Article 21, paragraph (3) — by which it raises funds from non-residents, such as deposits, and uses them with non-residents, such as loans to them or buying their securities — separately from its other accounts.
Defined inArticle 21, paragraph (3)
special international financial transactions account
「特別国際金融取引勘定」
An account that a bank or other financial institution a Cabinet Order (政令) specifies sets up with the Minister of Finance's approval to keep the accounts of the transactions listed in Article 21, paragraph (3) — by which it raises funds from non-residents, such as deposits, and uses them with non-residents, such as loans to them or buying their securities — separately from its other accounts.
Short name set inArticle 21, paragraph (4)· applies only in this paragraph and in Article 22, paragraph (2)
outward direct investment
「対外直接投資」
A resident's acquisition of securities issued by, or loan of money to, a corporation set up under foreign law that a Cabinet Order (政令) specifies as made to establish a lasting economic relationship with that corporation, or a resident's payment of funds to set up or expand a branch, factory or other place of business in a foreign country.
Defined inArticle 23, paragraph (2)· applies only in this article
specified capital transactionmachine translation
「特定資本取引」
A capital transaction of the kind in Article 20, item (ii) — a transaction under a money loan or debt guarantee contract between a resident and a non-resident, including one a Cabinet Order (政令) treats as equivalent under item (xii) — that a Cabinet Order specifies as made by an exporter or importer directly in connection with exporting or importing goods, or as connected with transferring, or granting a right to use, a mining right, industrial property right or similar right, other than one a Cabinet Order specifies as settling a short-term international commercial transaction.
Defined inArticle 24, paragraph (1)