If legislators proposed a reform to restore a level
competitive playing field, but then immediately grabbed back
99.8% of it in the fine print and continued discriminating
against a section of the market, it would be very difficult to
trust them again.
But this is what Japan is poised to do with its foreign
direct investment (FDI) policy and its laws governing so-called
cross-border stock swaps. It is an exceedingly poor way to
It seems a small group of business interests is pressuring
Japan's Ministry of Justice (MoJ) to draft the implementing
regulations for Japan's new Company Law in a way that would
effectively shut out more than 99.8% of foreign public
companies from big cross-border mergers executed through stock
swaps (technically known as triangular mergers).
In January 2003 prime minister Junichiro Koizumi took the
laudable and courageous step of announcing a national goal