5. Risks Relating to Restriction on Foreign Ownership of Japanese Stocks
Japanese laws impose restrictions on foreign ownership of Japanese stocks in some industries (e.g. aviation, broadcasting, and telecommunications). Foreign investors may be permitted to acquire shares beyond stipulated limits, but would be denied registration as shareholders, and consequently may not have the right to vote and receive dividends. Details of foreign investor holding ratios are available at http://www.jasdec.com/en/reading_e/for_pubinfo.php.