Japan Eyeing New Law to Monitor Land Deals by Foreign Firms

Politics

Tokyo, Dec. 22 (Jiji Press)--The Japanese government plans to establish a new law to strengthen the monitoring of acquisitions and use of land plots that are important for national security, mainly aiming to keep a watch on opaque land deals involving Chinese and South Korean firms.

It plans to submit a related bill to next year’s regular session of the Diet, the country’s parliament, to be convened in January.

On Tuesday, a relevant government panel of experts discussed issues concerning the planned legislation.

Participants called for allowing the government to buy such land plots in order to prevent their owners from facing disadvantages and for the creation of a government body to lead cross-ministerial efforts for tackling the issue. The panel, headed by Tsuda University professor Akira Morita, will submit its proposals to Hachiro Okonogi, minister in charge of territorial issues, by the end of the month.

Land tracts to be covered by the law are expected to include those around Self-Defense Forces bases and nuclear power stations, and islands near Japan’s borders. Under the law, possible acquisitions of such land by firms from any countries or regions will be strictly monitored, with the government assuming cases in which foreign companies attempt to buy land through Japanese companies or people.

[Copyright The Jiji Press, Ltd.]

Jiji Press