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Japan to restrict foreign ownership of domestic IT, telecom companies

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Japan to restrict foreign ownership of domestic IT, telecom companies

The Japanese government will add high-tech industries to a list of businesses for which foreign ownership of Japanese firms is restricted, effective Aug. 1, Reuters reported May 27.

The announcement was made on the same day U.S. President Donald Trump met his Japanese counterpart Shinzo Abe. The new rule will be applied to 20 sectors in information and communications industries, according to the report.

The Japanese government did not specifically mention any country or company that will be targeted under this rule. The new rule comes amid increasing U.S. pressure on allied countries to ditch networking equipment from China's Huawei Technologies Co. Ltd. Washington recently blacklisted the Chinese company citing perceived threats to U.S. national security or foreign policy interest before issuing a temporary license to scale back restrictions on Huawei.