On 9 April 2020, ACGA wrote again to the Ministry of Finance (MOF) Japan in response to the public consultation on the draft rules and regulations of the Foreign Exchange and Foreign Trade Act (FEFTA) published by the MOF on 14 March 2020, and subsequently republished with amendments on 25 March 2020. While a reduction in the operational burden of the rules for some investors is very much welcome, our view remains that the new rules still represent a step backwards for corporate governance in Japan.