A license to operate an air transport business may be granted only to enterprises where less than one-third of the voting rights are held by non-Japanese nationals and none of its representatives and less than one-third of members of the board of directors are non-Japanese.
"(Requirement for Registration)
Article 4　(1)　Any aircraft owned by any person who falls under any of the following items shall not be eligible for registration.
(i)　Any person who does not have Japanese nationality
(ii)　Any foreign state or public entity or its equivalent in any foreign state
(iii)　Any juridical person or body established in accordance with the laws and ordinances of any foreign state
(iv)　Any juridical person of which the representative is any one of those listed in the preceding three items or of which one-third or more of the officers are such persons or one-third or more of voting rights are held by such persons
(2)　Any aircraft which has the registration of any foreign state shall not be eligible for registration.
[...]
(License)
Article 100　(1)　Any person who operates air transport services shall obtain a license from the Minister of Land, Infrastructure, Transport and Tourism.
(2)　Any person who intends to obtain a license set forth in the preceding paragraph shall submit an application to the Minister of Land, Infrastructure, Transport and Tourism, describing the following matters:
[...]
(Licensing Standards)
Article 101　(1)　The Minister of Land, Infrastructure, Transport and Tourism shall, when there has been an application under the preceding article, examine whether it conforms to each of the following:
[...]
(v)　Any applicant shall not fall under any of the following categories:
(a)　Any person listed in any item of Article 4 paragraph (1) [...]
(e)　Any company whose holding company (any holding company under Article 9 paragraph (5) item (i) of the Act concerning Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No.54, 1947) or affiliated company which is deemed to have effective control over the operations of the said company, as may be specified by Ordinances of Ministry of Land, Infrastructure, Transport and Tourism (hereinafter referred to as "holding company etc.") falls under Article 4 paragraph (1) item (iv)
(2)　The Minister of Land, Infrastructure, Transport and Tourism shall, when he/she deems that the application conforms to the standards pursuant to the provision of the preceding paragraph as a result of examination under the provision of the same paragraph, issue a license for air transport services.[...]" (Civil Aeronautics Act (No. 231 of July 15, 1952), last amended by Act No. 65 of 2020, Articles 4, 100 and 101 [unofficial translation])
Civil Aeronautics Act (No. 231 of July 15, 1952), last amended by Act No. 65 of 2020, Articles 4, 100 and 101
[<a href="https://elaws.e-gov.go.jp/document?lawid=327AC0000000231">Act</a>],[<a href="https://www.japaneselawtranslation.go.jp/en/laws/view/4039">Act_Eng</a>]